James P. Gorman News
Fiscal Cliff Showdown - Running To Stand Still
By MICHAEL FALCONE (@michaelpfalcone) and AMY WALTER (@amyewalter) NOTABLES: SUSAN RICE VS. THE GOP: After a face-to-face meeting on Capitol Hill yesterday, GOP Senators including John McCain clashed once again with U.S. Ambassador to the United Nations Susan Rice over what she said about the...
Quotes of the Week: 'In This Case I Said Something That's Just Completely Wrong'
Check out this week's buzziest, funniest and craziest quotes from around the world. 'In This Case I Said Something That's Just Completely Wrong' Mitt Romney for the first time characterized his comments during a fundraiser that were surreptitiously filmed and caught the candidate essentially
Morgan Stanley CEO James Gorman Says Banking Industry is 'Overpaid'
Morgan Stanley CEO James Gorman has folks in the banking sector buzzing with his comments that the industry is "still overpaid." "There's way too much capacity and compensation is way too high," Gorman told the Financial Times . "As a shareholder I'm sort of sympathetic to the shareholder view that
Goldman's Blankfein Will Get Smaller Bonus
Goldman Sachs CEO Lloyd Blankfein's bonus will be cut to $7 million this year from $12.6 million the year before, according to Equilar, an executive compensation data firm. Goldman's heaviest hitters, as as group, will see their bonuses reduced by almost half. They are but the most recent group of
Bank of America Investment Bankers to Get 25% Pay Cut
Investment bankers at Bank of America are the latest traders to get news of deep pay cuts at Wall Street firms. The investment bankers at the Charlotte, N.C.-based company were told to expect lower compensation packages by 25 percent, the latest dour news this bonus season, as reported by Bloomberg
First 3 Big Banks to Report Compensation Show Drop
Sinking Share Prices at JPMorgan Chase, Other Banks Lead to Lower Stock Awards
Occupy Wall Street Protesters March to Bank Offices; Generators Taken Away
A group of Occupy Wall Street protesters coordinated a march in mid-town Manhattan today, delivering 6,000 “angry letters” to five major banks. Before the march, the group, Occupy the Board Room, invited people to submit letters online to Bank of America, Morgan Stanley, Wells Fargo,...
Morgan Stanley CEO John Mack Rejects Year-End Bonus
One of Wall Street's most powerful CEOs is rejecting his year-end bonus for the third time in a row, according to an internal memo obtained by ABC News. Outgoing Morgan Stanley CEO John Mack asked the bank's board to withhold his bonus, citing "the extraordinary financial support governments
Mack to step down at a Morgan Stanley seen in transition
Morgan Stanley's incoming CEO will be facing a drastically different landscape on Wall Street from when John Mack took over in 2005. James Gorman is poised to take over a bank that some say is still searching for direction after surviving a credit crisis that wiped out most of its competitors.
Goldman's Blankfein again gets record-busting bonus
Not all chief executives at the nation's largest investment banks will receive a lump of coal instead of their typical millions of dollars in holiday bonuses this Christmas. In a year where most investment banks lost billions of dollars on bad bets in the mortgage industry, Goldman Sachs Group's gs