$MS CEO Gorman to Bloomberg TV: those worried about FICC unit need to get a life
Morgan Stanley CEO James Gorman appeared on Bloomberg Television today from Davos, where he spoke with Erik Schatzker and Stephanie Ruhle about the culture of the banking industry, the income inequality issue and Morgan Stanley’s fixed income business, among other topics.
Gorman said that Morgan Stanley is reviewing its work policies related to junior bankers: “People should pursue a career because they’re passionate about it, and obviously the hours have to be reasonable so they can have a balanced lifestyle. Otherwise, they become very uninteresting advisers to companies because they bring a very narrow perspective.” On giving weekends off, Gorman said, “I’m not sure that’s the right answer because I’m not sure how you stop work if there is a deal on.”
Gorman also said that those who obsess over Morgan Stanley’s fixed income business “better get a life…There’s a lot of things to worry about in this world.” Other Musings:
‘Not Surprising’ trust still not regained – Finance industry is doing a lot to rebuild trust – Employment is key to regaining trust – ‘No new mistakes’ also key to trust -U.S. minimum wage is a problem – U.S. minimum wage needs to be raised – Income inequality is moral issue not business issue – Morgan Stanley is doing many things ‘on the offense’ – This year to likely be better for fixed-income trading – Use ‘common-sense’ in staff management stress
source: Bloomberg Television