VIDEO: Morgan Stanley’s CEO Says Employees Unhappy With Pay Are Naive And Can Leave If They Can’t Adjust

Gorman bloomberg

[credit provider=”Bloomberg TV” url=””]

After appearing on CNBC earlier today, and making a rather outlandish claim about his firm’s European exposure, Morgan Stanley CEO James Gorman sat down for an interview with Bloomberg TV.Gorman was also direct and firm when asked his recent moves to cut overall pay, cap cash outlays and increase deferrals:

“We’ll, firstly, as I said, we’re economic rationalists, that’s why we did all that. Listen, you know, it’s not as much as everyone would wish for and it’s probably more than some of them expected in the world and turmoil that we’re in. Our Morgan Stanley folks are terrific. We’ve had very little turnover. No turnover on the top management committee. I think everybody understands it. The world has changed. Adn the banking industry has gone through a fundamental change and we have to adjust. If, not it, when, we come out of this and we start re-performing, compensation will reflect this.”

When asked about what he tells unhappy employees, Gorman had this response:

“I say listen, you’re naive, read the newspaper, number one. Number two, if you put your compensation in a one year context to define your overall level of happiness, you’ve got a problem which is much bigger than the job.  Three, if you’re really unhappy, just leave. I mean, life’s too short.”

Here’s the full video via Bloomberg TV: