Morgan Stanley chief executive James Gorman has been a few interviews to the press. In one, Gorman - whose apartment in Manhattan is modest according to a journalist from New York Magazine - said he invests his own money in municipal bonds as a hedge against financial Armageddon. In another, Gorman said Morgan Stanley received 100,000 resumes last year. That's a lot, but is also a lot less than Goldman Sachs. In 2011, Lloyd Blankfein said the firm had received 300,000 resumes over the past two years. Assuming Goldman's still receiving resumes at the same rate, that makes it 50% more popular with job applicants than Morgan Stanley. All other things being equal, Gorman should be the easier man to work for.
Separately, new statistics released by the British Official of National Statistics suggest that British bankers should be a lot less productive than their American colleagues. British workers are 30% less productive than Americans on an hourly basis. When the shorter hours worked by Britons are factored in, average production per person in the U.K. is a massive 40% below the U.S. In the same vein, Ana Botín, the Spanish chief executive of Santander UK, thinks she's identified some deep problems with the British psyche. Britons have a negative view of life, said Botin yesterday: they like to grumble, it's probably related to the weather.
Gorman talks compensation: “There are the very greedy people who want to maximize personal comp at the shortest possible time period.” (Wall Street Journal)
J.P. Morgan can do what it likes, Goldman Sachs will not be pulling out of physical commodities trading. (Bloomberg)
Goldman Sachs is starting a new Asian hedge fund called Oryza Capital. (Bloomberg)
Everything you need to know about the UK private equity industry. (BVCA)
After 21 years, the head of research at Morgan Stanley has left – for UBS. (Reuters)
Google keeps its lunch queues long on purpose so that people have to stand around and chat (about Google). (The Times)