Bonus Watch '14: James Gorman Is Proud Of Y'All
In late January, in the year of 2012, Morgan Stanley had a lot of unhappy employees on its hands. Bonuses had just been announced, and the majority of the team was displeased. But while some bank CEOs might've paid lip service to the group, telling them how important they are despite what their bonus might suggest, or promised the slight would be made up next year, or simply ignored the grumbling and gone about their merry way, Morgan Stanley chief James Gorman was having none of it. "STFU or GTFO," he essentially told MS employees, during an appearance on BloombergTV, "and don't let the door hit your ass on the way out." (Actual words: "You’re naive, read the newspaper, No. 1, No. 2, if you put your compensation in a one-year context to define your overall level of happiness, you have a problem which is much bigger than the job. And No. 3, if you’re really unhappy, just leave. I mean, life’s too short.")
Now, nearly three years later, with what was no doubt a tear in his eye, Gorman had this to say:
Morgan Stanley Chief Executive Officer James Gorman said the U.S. bank is paying staff “competitively” after managers turned the business around over the past five years. Gorman, speaking in an interview in Singapore today with Bloomberg Television’s John Dawson, cited four or five years of growth “and profitability continuously improving.” “We have a tremendous management team,” said Gorman, 56. “I think they’ve been killing themselves for five years turning this thing around and it’s worked. And, God bless them, they deserve all that comes from that success.”
Daddy Jim knows he doesn't say it too often, but he's truly impressed with the men and women you've become. He was tough on you growing up and he probably didn't need to ground you for a month that time you borrowed the car without asking and, yeah, maybe he could've eased up on the "I ought to break my foot off in you ass" talk but you know what? It was all worth it in the end.
Morgan Stanley Pays Competitively After Turning Corner [Bloomberg]
