According to the newspaper, the firm’s annual meeting, held at its corporate campus in Purchase, N.Y., was dominated by questions - and assertions - from individuals about financial regulation, the makeup of Morgan Stanley’s directors and bankers’ pay.
In the meantime, Dow Jones Newswires reports that 'Gorman faced more than a dozen questions from OWS members and only a few from supportive shareholders'.
And Bloomberg reports that more Morgan Stanley shareholders approved the firm’s executive compensation package for top managers after Gorman took a 25% pay cut and received no cash bonus.
Investors voted 95% in favor of the policy in a non-binding resolution, up from about 79% last year, according to a preliminary tally at the bank’s annual meeting Tuesday.
Finally, the news organisation also reports that Morgan Stanley’s process of buying the next piece of its brokerage joint venture will probably take a couple months, said Gorman Tuesday.
Discussions won’t start with Citigroup until Morgan Stanley’s call option on the next 14% stake becomes effective at the end of this month, Gorman said.
image: © David Shankbone
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