Gorman to Bonus Whiners: STFU or GTFO

Bloomberg tracked down Morgan Stanley CEO James Gorman at Davos yesterday, and the conversation inevitably turned to the reduced comp at the bank. Gorman was unapologetic and said the $125,000 cash bonus cap and reduced all-in comp merely reflected the new realities of the market and that those who believed otherwise were "naive". He also made the point that someone who defines his overall happiness with his year-end number has bigger problems than the job, and that those who are really pissed about reduced bonuses should just quit because, "life's too short". The whole interview is really good, but if all you're interested in is the talk on compensation, that starts at 6:13.

Comments (24)

 
Jan 26, 2012 - 7:58am

To put it in context....he was speaking about anyone who was mad at one years bonus number.
He is right though, everyone know whats going in the market and honestly we should want more people to be pissed off and leave cause that leaves us more seats :)

Beast
 
Jan 26, 2012 - 9:24am

Flake:
http://dealbreaker.com/2012/01/james-gorman-to-morgan-stanley-employees…

I sense a conspiracy Eddie.

Holy shit. I think that's the first time that's happened in over three years. Looks like Bess titled hers first, should I change mine?

EDIT: OK, her's is a little different than mine. I guess I'll leave it alone. Must be the true sentiment of the interview if we both came to the same conclusion though, huh?

 
Jan 26, 2012 - 10:07am

Since it's impossible for finance types to reconcile how their complaints are any different than the rest of the country (and no, I'm not talking about OWS) this shit will continue to fly. Gorman is a piece of shit, let him choke on a dick. As for the rest of us: YOU'RE A FUCKING NUMBER IN THIS MACHINE, get over it.

You boss is an asshole, get yours, get out. It's that simple. This is true at every job.

Get busy living
 
Jan 26, 2012 - 11:43am

Best quote from the comments:

There used to be an unspoken deal. Do the job, keep your head down, generate profits and the firm will take care of you at year end. Well the deal doesn't exist anymore become the little man in charge doesn't have the integrity to keep management's side of the bargain. It's great to see him in the press telling all the hard working people at MS to sftu or gtfo. At some point I hope all the hard working dedicated employees who have to pay rent, feed the family and pay the bills get the message...the little man doesn't care if you starve. He just doesn't want to hear you moan as he walks on your bodies.

I am permanently behind on PMs, it's not personal.

 
Jan 26, 2012 - 2:57pm

UFOinsider:
Edmundo Braverman:
No worries. I'm just a Bess Levin fanboi (although I obviously don't follow DB as closely as I used to or this would have never happened).

Dude, can you get Bess Levin on NSFW?

Stop trying to outsource my job, you hoe.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 
Jan 26, 2012 - 3:04pm

I don't know if that would work, as intriguing as the idea is. Bess is 100% up on Wall Street gossip and I'm not, and I've got the Street background but she doesn't. I think it would be a hoot, but I wouldn't blame her if she didn't see the potential synergy. Plus video is a whole different world and she might not want or need to be exposed in that way (I, conversely, enjoy exposing myself).

 
Jan 26, 2012 - 3:29pm

Edmundo Braverman:
Happy, if you're serious check with your compliance department and then PM me. We can definitely give it a shot.

Will do, though I don't plan on doing it without something to keep my identity relatively elusive.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
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