Skip to main content

New York has fully reopened. People are thronging restaurants. People like Morgan Stanley CEO James Gorman, who has apparently seen a few too many of his charges dining out while continuing to enjoy their work-from-home staycation.

“Make no mistake about it. We do our work inside Morgan Stanley offices, and that’s where we teach, that’s where our interns learn, that’s how we develop people,” Chief Executive James Gorman said during the firm’s annual U.S. Financials, Payments & CRE conference from the bank’s Midtown office, which was held virtually this year.

“If you can go into a restaurant in New York City, you can come into the office….”

“On Labor Day, I’ll be very disappointed if people haven’t found their way into the office. Then, we’ll have a different kind of conversation,” the head honcho warned.

And that conversation will very much be about compensation if you’ve decided, like itinerant New Yorkers past, that those Aspen schools are simply unbeatable. Jim Gorman, after all, is a man who likes to economize where he can.

“If you want to get paid New York rates, you work in New York. None of this, ‘I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City,’” Gorman barked.

"Sorry, that doesn’t work.”

And if you happen to be considering your options in light of the above, perhaps at a high-paying hedge fund, well, allow Gorman to introduce his enforcer, newly-minted co-president Ted Pick.

The diminutive Pick was known on the trading floor for his outsized personality and a fanatical devotion to Morgan Stanley. It wasn’t uncommon to see him loosen his tie and run up and down among the desks, seldom shy of getting in people’s faces.

One underling recalled briefly entertaining a job offer from a rival firm after failing to make managing director. Pick snuck up behind his workstation and whispered: “If I hear you speak to them again, I’m going to crack your head.”

See you all in September!

Morgan Stanley chief to bankers: If you want NYC salary, you need to be in NYC [N.Y. Post]
Barely Hired at Morgan Stanley, Trading Savior Nears CEO’s Perch [Bloomberg]
Billionaire’s Hedge Fund Offers Hefty Pay to Combat Talent Squeeze [Bloomberg]
People Are Returning to Restaurants, Stores and Hotels. But Not Yet the Office. [WSJ]
Andrew Cuomo lifts COVID rules as New York hits 70% vaccinated [N.Y. Post]


James Gorman Aussie

Noted Epidemiologist James Gorman Acknowledges Slight Scientific Error

Seems we weren’t going to have this COVID stuff licked by Labor Day.

(Getty Images)

James Gorman Is Not Amused

What the hell is wrong with you people?

Getty Images

James Gorman Worried He Won’t Set Another Earnings Record Next Quarter

I mean, sure, a 50% jump in profits seems great, but he wouldn’t want to set expectations too high.

Getty Images

Paranoia Pays Off For James Gorman

Morgan Stanley paid $124 million to make people go away and still set profit records.

(Getty Images)

James Gorman Has A Nifty New Euphemism For ‘Pay Cut’

Morgan Stanley decides compensation is only for closers.

(Getty Images)

Running The Most Successful Bank On Wall Street Apparently Too Hard

So Jim Gorman wants to turn Morgan Stanley into Schwab.