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"We remain committed to controlling our expenses," CEO James Gorman said at the time. Morgan Stanley CEO James Gorman pay rises 7 percent to $29 million (2018)
by cityzen 7y ago
"We remain committed to controlling our expenses," CEO James Gorman said at the time.
Morgan Stanley CEO James Gorman pay rises 7 percent to $29 million (2018)
Sure thing there, Jimmy. Remain committed to cutting your expenses. I feel bad you have to live on a measly $2 million dollars a month.
- jjeaff 7y agoI guess if he can figure out how to cut 1500 jobs without affecting the bottom line, that saves the company $150m a year (assuming $100k average salaries) and so a few more million in CEO salary seems like a drop in the bucket. But I'm guessing you could find someone else able to cut 1,500 jobs for a little bit less than $29 million a year. What it really comes down to is sort of like the old "nobody ever got fired for choosing IBM". A board of directors has no incentive to take a risk on an unknown leader when they can hire a "brand name" one for a mere $29m. Same reason a company pays millions of dollars for a simple rebranding logo update or why Google pays $500k for top engineering talent. There are plenty of cheaper options out there that might be just as good or even better. But when the new company logo is a flop, you want to be able to say you hired the best. Not, "Well we saved a ton of money by using 99designs."
- cityzen 7y agoGood points. I feel very fortunate that I have never had to work at one of these megacorps (banks, tech, etc) where you're just a number on a balance sheet. It hits me in the gut thinking about 1500 people being fired over a bank pretending to be worried about the future.