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RedRifle
Vanderbilt Fan
Austin/NO
Member since Dec 2013
8139 posts

Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
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quote:

Morgan Stanley’s top boss issued a stern warning to his staff Monday — come back to the office by Labor Day, or face a pay cut. “Make no mistake about it. We do our work inside Morgan Stanley offices, and that’s where we teach, that’s where our interns learn, that’s how we develop people,” Chief Executive James Gorman said during the firm’s annual U.S. Financials, Payments & CRE conference from the bank’s Midtown office, which was held virtually this year.


quote:

The chief executive also sent a sobering message to workers who escaped to far off locales to ride out the pandemic — if you want a New York City salary, you’ll have to be in the five boroughs to earn it.

quote:

“If you want to get paid New York rates, you work in New York. None of this, ‘I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City,’” Gorman barked. “Sorry, that doesn’t work.”



kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
82639 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
It's a bluff


GRTiger
USA Fan
On a roof eating alligator pie
Member since Dec 2008
56605 posts
 Online 

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Absolutely fair policy.


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26319
Aubie Spr96
Utah Fan
lolwut?
Member since Dec 2009
32128 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
quote:

It's a bluff


Agreed. You can't unring that bell.


jfw3535
Bradley Fan
South of Bunkie
Member since Mar 2008
2069 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
I have no problem with this policy. In fact, I support it.


Eighteen
Furman Fan
Member since Dec 2006
28398 posts
 Online 

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Going to be a lot of employee reshuffling this fall when employees are told to return to office. We’re already planning on replacing a certain % of our workforce that we know likely won’t be returning in August when we are requiring employees to be in the office a few days a week

Sure, a few of them will likely find remote work…but after the initial scramble I don’t think there will be enough fully remote jobs for the amount of employees that want to be fully remote
This post was edited on 6/15 at 7:27 pm


Mo Jeaux
LSU Fan
NYC
Member since Aug 2008
46480 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Why?


Fat and Happy
LSU Fan
Baton Rouge
Member since Jan 2013
11502 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
I completely agree with this.

I would be willing to bet there are some of the employees that moved thinking any work would be done virtually and are freaking out right now


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615
DeltaTigerDelta
LSU Fan
Member since Jan 2017
6020 posts
 Online 

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Hopefully this will be the tip of the iceberg that triggers the implosion of the real estate market.


HoustonGumbeauxGuy
LSU Fan
Member since Jul 2011
22062 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Supported


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82
Sterling Archer
LSU Fan
Chicago
Member since Aug 2012
4467 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
I don’t think so. I work for a large tech company. We were told the same; although the tone was softer . We even have a tool where we can model salary changes based on locale


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580
Klark Kent
LSU Fan
Houston via BR
Member since Jan 2008
53655 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
ruhroh, the “times are changing” / “COVID changed the work environment forever” folks ain’t gonna like this.


TheeRealCarolina
South Carolina Fan
Member since Aug 2018
14115 posts
 Online 

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
NYC salary isn’t enough to deal with NYC shenanigans. A lot of people are realizing that getting 75% of the salary/benefits is worth it when you deal with only 10% of the bull shite.



roguetiger15
LSU Fan
Member since Jan 2013
13484 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
As a former Morgan Stanley broker, their home base is absolutely critical to the growth of the younger folks just like he said. He is not bluffing on this and it’ll be interesting to see the outcome


Boring
Member since Feb 2019
2517 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
True in some cases, but not all. At my company, the people I collaborate most with on a daily basis live across the US and Canada. There are entire teams in my department where the manager is in Cincinnati and all 5 of her direct reports are in Seattle.

I hate this phrase, but I ultimately think these companies are on the wrong side of history. Boomers who can barely type up an email can’t grasp how someone in London, someone in San Diego, and someone in Orlando can all negotiate a document together from the comfort of their couches.
This post was edited on 6/15 at 7:47 pm


latxwoman
Member since Mar 2019
388 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
He's likely very old. Good luck old dude, this is the future.


Vote4MikeAck504
Oral Roberts Fan
Go Cocks!
Member since Mar 2019
3098 posts
 Online 

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Cuomo must have gotten to him. Trying to coerce high earners and tax payers back to NYC.


Dr RC
Alabama A&M Fan
The Money Pit
Member since Aug 2011
48620 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Mr CEO better hope a bunch of clients are more loyal to Morgan Stanley than the people they've been working with.


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391
jcaz
US Space Force Fan
Laffy
Member since Aug 2014
9030 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
It makes sense. I’d bet most would take a pay cut or quit over going back to the office though


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191
Kujo
San Jose State Fan
Member since Dec 2015
5499 posts

re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
quote:

face a pay cut.


I'd take a 40% cut to be permanent virtual. Problem with my position is that it legally can't be performed outside of the US, if I could, I'd take a 60% pay cut.
This post was edited on 6/15 at 7:54 pm


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