Wall Street: The Times They Are a-Changin
Sexta-feira, Janeiro 27, 2012 at 11:00AM On a recent interview, in Davos, James Gorman, the head of Morgan Stanley, said that if his workers are so angry about their latest, trimmed-down paycheck, it's probably time for them to go. "I say - to Morgan Stanley employees -, listen, you're naive, read the newspaper, number one; number two, if you put your compensation in a one year context to define your overall level of happiness, you've got a problem that is bigger than the job. And number three, if you're really unhappy, just leave. Life's too short." I just loved "the overall level of happiness" comment, as if money was equal to happiness...
Gorman's comment followed Morgan Stanley announcement earlier this month that it would cap cash bonuses for 2011 at $125,000 and that its executives -- including Gorman -- wouldn't be getting any cash bonuses. So, boys and girls of Wall Street, cut on the cocaine, cars, parties, cause the times, they are a-changin!
And cuts are not only at Morgan Stanley: Goldman Sachs workers would be taking home smaller bonuses this year -- and some none at all. In addition, the firm cut the pay of some if its senior workers in half; at Bank of America, compensation would be slashed by 25 percent. That's part of a larger push to cut total costs at America's second-largest bank by as much as $8 billion per year.
Smaller paychecks are just part of the american banking industry readjustment. The dark side is that Wall Street laid off more than 200,000 employees in 2011 alone. Why don't I feel sorry for that?






