James Gorman Morgan Stanley
Any thoughts on James Gorman and what he will impose on MWD?
My thoughts are close down branch offices, fire branch managers, consolidate brances to complexes like he did at Merrill.
He will probaly increase the minimum account size to $100,000 like he did at Merrill.
Morgan Stanley looks like the place to be if your producing $500,000 plus. It should be raining inherited accounts once he raises the bar.
Two things will happen: Transactional brokers will leave, low producers will get fired.
He was never on the street. He came from a consultant
background. This prompted strategic changes he made at Merrill,
some worked and some did not. I think there should be a strong
presence in management of former successful advisors. His
direction, while tactical, can be a little brutal.
Gorman sucks!, friends at Merrill said he was just a suit. Why else would he get demoted. Mckinsey lawyer with no background in sales. Sound sort of like Shaeffer. I wonder if Scaeffer is now going to Merrill?
Why would you say transactional brokers will leave? And are you referring to stock transactional or stock/bond?
Gorman cut the payout on transactions that weren't asset bassed revenue (stock/bond). He installed zero payout on accounts under 100,000.
There will be another round of layoffs. My guess another bottom 10-15% reduction.
If I were a branch manager or sales manager I would get the hell out now. The large majority will be gone (my opinion). The new managment will be corp. guys who will instill a new cohesive Morgan culture. Things will be streamlined.
The bottom line is if your a good producer, who is growing year after year, your at the right place.
If your a sucker, stuck in neutral or worse going down hill, see you later alligator!
I want to go into management. So what your saying is get my 9,10,3 and be patient because vacancies will open up?
For the record…the zero payout is on accounts under$50,000. I was asked the other day by a competitor why we had a $250,000 minimum account size at ML. I don’t know where this stuff comes from. There is no minimum - well I guess $50,000 is a ballpark.
[quote=F-DPatrick]Bye Bye Burke, Bye Bye Sanchez, Hello happiness. Come on, sing it with me.[/quote]
What's wrong with these guys and what do you figure is better about Gorman? I don't have an opinion on the subject, just curious as to how others have reached theirs.
who said Gorman was better?? ask any manager who worked for Burke what is wrong with him, and allow 2 hours for the conversation.
[quote=F-DPatrick]who said Gorman was better?? ask any manager who worked for Burke what is wrong with him, and allow 2 hours for the conversation.[/quote]
I know plenty of people who worked for Burke, first in his region and then after his move. I haven't heard a complaint, although I don't know the guy myself. What's your beef with him?