What kind of person works for Morgan Stanley? Traditionally, it's been an upper-middle class, impeccably educated, 'white-shoe' sort of a WASP. In future, it might be someone with a finely tuned ego.
In a talk this week at the University of Melbourne, Australia, Gorman said he wished someone would invent a 'new turnstile for entry into corporations.' This fantasy turnstile would map the brains of people entering, said Gorman. It would decide how much people were focused on themselves and how much they were focused on the corporation. People too heavily focused on the corporation would be barred. So would people too heavily focused on themselves. The ideal is midway between the two.
Interestingly, Gorman also said that he likes to look at handwritten notes rather than spreadsheets. He says, ""handwriting gives one a tactile feeling for what's going on that you just don't get from staring at a spreadsheet".
Separately, Stephen Schwarzman has been explaining why he earns so much more than Lloyd Blankfein. “The reason why I have a lot more compensation than Lloyd is because when you start a company and you own stock in a company, you make that whether you worked or you didn’t work,” he says. In other words, banking pay is bounded by what you put in. Private equity pay is not.
Morgan Stanley just appointed Simon Smith as head of investment banking EMEA. (Bloomberg)
One of Goldman Sachs’ three investment banking ‘co-heads’ is leaving the firm. (Bloomberg)
Average pay per head in Barclays’ investment bank is £199k. (Breaking Views)
Barclays’ 30 year-attempt at taking on Wall Street is coming to an end. (Telegraph)
Joseph Dickerson, analyst at Jefferies, gives Barclays' investment bank 15 months to live. “I think they will give it two years from the last strategic review, so until May 2016,” he said. (Financial Times)
"I am worried that being gay will damage my banking career." (Financial Times)
Laziness in fund management can be advantageous. (Business Insider)
How Warren Buffet stays young; five cans of Coke a day (Time)
There was a 40-foot grain of rice sculpture at HSBC's quiet 150th birthday party in Hong Kong. (Reuters)
After shaking someone's hand, you will subconsciously lift it to your nose and smell their scent. This is true. (New Scientist)