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Morgan Stanley CEO James Gorman has been pretty frank and outspoken about the discourse surrounding the state of the financial industry in the past. Remember when he essentially told Morgan Stanley employees to leave if they weren’t happy with a decreased compensation?Last Friday, at a morning discussion hosted by Fortune Magazine, Gorman reminded everyone just how acerbic he could be by crushing the idea that the negative attention Wall Street has received will lead to banks being less able to attract young talent.
“I’ve been reading some of this stuff in the papers about all these challenges based upon, again, taking example one guy who said he was going to go to Wall Street and decided not to,” he said. “Who cares? Take 1,000 people and ask them.”
Gorman used examples such as being approached by many people with their “little business cards” at a recent college campus speech and the sheer number of friends that wanted him to help their kids get jobs as examples that many are still clambering to be in the financial sector.
“I mean, there’s thousands of people who still want to be in this industry, and that’s not a constraint. There will always be somebody who says I always wanted to be an investment bankers but I’ve had this moral epiphany and I’m not going to be an investment banker…”
“It’s ridiculous,” he said, referring to the idea that less students were attracted to finance jobs. “It’s not the facts. Look at the campuses – our acceptance rate across analysts and business schools was somewhere between 78 to 84%.”