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.
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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 :)
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?
Of course he doesn't mind, he got 10.5mil
Abandon all hope all ye who enter!
I will still work in finance if it pays less than I can make in the tech world. I just won't work as hard.
If you were starting off today, tech might be the route to go...
http://articles.businessinsider.com/2012-01-25/tech/30662148_1_software…
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.
Glad to know that this article was just a coincidence. I thought it was ripped off DealBreaker too. Again, I find myself agreeing with UFO - we are a free-agent nation. Corporate/firm loyalty died a long time ago.
Dude, seriously?
Anyone notice how fucking beautiful the scenery at Davos is? I wanna go sledding on that hill right behind them.
Best quote from the comments:
Nope. Just playing Uncle E.
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).
A Bess Levin and Eddie B collaboration? I'm sure there's a huge overlap of readers that would like to see it. I know I would.
Me and UFO were typing that at the same time. SEE there is a demand!
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).
Hello guys, my name is J.Gorman, I'm making 10m $ and talking about pay restrain.
Tard.
Happy, if you're serious check with your compliance department and then PM me. We can definitely give it a shot.
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