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.