http://www.bloomberg.com/news/2010-12-09/morgan-s…
CEO James Gorman said last month,"... Wall Street must fix a culture that contributed to the financial crisis by idolizing individual employees and giving them incentives to take outsized risks"
We have heard that rhetoric before, however now someone is actually acting on it. No MS bankers are going to go hungry, so will this cause other banks follow? Do you believe that this is a move in the right direction for the industry?
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If this was any other bank I might give it some thought, but MS is having a difficult time, especially in S&T. 62% of revenue going towards bonuses in 2009, if anything MS is coming back down to the industry average rather than going below it.
chop shop
What happened to their S&T business?
nothing good dog, read some news from 3Q10
Their fixed income unit stunk up the place
I gather this has been a longer term trend - not re-risking back in 09.
What happened?
It's unclear whether their bonus cuts are firmwide or just in IBD--can anyone interpret this?
Bad news... not sounding like a firm that has fixed itself properly
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