Morgan Stanley (NYSE: MS) chairman and CEO James Gorman has told the bank’s employees that the world has changed and that they had better get used to the idea. Morgan Stanley plans to reduce pay by 20%-30% for investment bankers and traders and to cap cash bonuses at $125,000 according to Bloomberg News.
Gorman said in an interview that he would make the following suggestions to bank employees who might be inclined to whine:
“You’re naive, read the newspaper, No. 1. No. 2, if you put your compensation in a one-year context to define your overall level of happiness, you have a problem which is much bigger than the job. And No. 3, if you’re really unhappy, just leave. I mean, life’s too short.
Morgan Stanley’s profits fell -13% in 2011.
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