Morgan Stanley CEO - Goldman OpEd Neither 'Fair' Nor 'Balanced'

Morgan Stanley HQ

There but for the Grace of God go I.

Bloomberg reports that Morgan Stanley CEO James Gorman told staff not to circulate that Goldman Sachs Executive Director's New York Times OpEd.

'I was surprised that anyone would run an op-ed piece based upon the view of a single employee', said Gorman, speaking at an event in New York hosted by Fortune magazine.'To pick a random employee, I just don’t think it’s fair, and I didn’t think it was balanced'.

Gorman also said that his firm’s stock will continue to outperform the Standard & Poor’s 500 Index, as bank shares climb back to tangible book value. Morgan Stanley's stock has risen around 30% this year.

In the meantime, The New York Times reports that Wall Street, once a magnet for America’s best and brightest, is facing a recruiting problem.

The industry’s cachet, which was tarnished during the financial disaster, has been further stained by the lingering economic slowdown and a series of highly publicized industry scandals that have drawn critical attention to the big banks.

But Gorman isn't having any of it. The Wall Street Journal says that Morgan Stanley's boss insists that the very notion that a Wall Street career is unappealing is 'ridiculous', pointing out that when the firm loses out on a candidate, it's because the individual goes to join one of its two main competitors, rather than a company outside the industry.

 

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