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Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Posted on 6/15/21 at 7:19 pm
Posted on 6/15/21 at 7:19 pm
LINK
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.”
59
Posted on 6/15/21 at 7:20 pm to RedRifle
It's a bluff
Posted on 6/15/21 at 7:22 pm to kywildcatfanone
quote:
It's a bluff
Agreed. You can't unring that bell.
Posted on 6/15/21 at 7:24 pm to RedRifle
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
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 6/15/21 at 7:27 pm
Posted on 6/15/21 at 7:25 pm to jfw3535
Why?
Posted on 6/15/21 at 7:26 pm to RedRifle
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
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
Posted on 6/15/21 at 7:30 pm to RedRifle
Hopefully this will be the tip of the iceberg that triggers the implosion of the real estate market.
Posted on 6/15/21 at 7:33 pm to RedRifle
Supported
Posted on 6/15/21 at 7:37 pm to kywildcatfanone
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
. We even have a tool where we can model salary changes based on localePosted on 6/15/21 at 7:37 pm to RedRifle
ruhroh, the “times are changing” / “COVID changed the work environment forever” folks ain’t gonna like this.
Posted on 6/15/21 at 7:41 pm to Klark Kent
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 bullshite.
Posted on 6/15/21 at 7:41 pm to RedRifle
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
Posted on 6/15/21 at 7:46 pm to roguetiger15
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.
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 6/15/21 at 7:47 pm
Posted on 6/15/21 at 7:47 pm to RedRifle
He's likely very old. Good luck old dude, this is the future.
Posted on 6/15/21 at 7:49 pm to RedRifle
Cuomo must have gotten to him. Trying to coerce high earners and tax payers back to NYC.
Posted on 6/15/21 at 7:49 pm to RedRifle
Mr CEO better hope a bunch of clients are more loyal to Morgan Stanley than the people they've been working with.
Posted on 6/15/21 at 7:51 pm to RedRifle
It makes sense. I’d bet most would take a pay cut or quit over going back to the office though
Posted on 6/15/21 at 7:53 pm to RedRifle
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 6/15/21 at 7:54 pm
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