Morgan Stanley itself is already axing 4,000 jobs, 7 percent of its workforce, by the end of this year. In the new year, Mr. Gorman said, the bank will consider its next round of cost-cutting, including lower pay and bonuses.
Corporate America still cutting workers pay instead of CEO/Executive Pay.
In this instance, Morgan Stanley is cutting the pay of their "grunts", that is the day traders, analysts, managers, and lower tier employees.
And sure, these guys are highly paid, but it just goes to show you, everyone is getting cut. Even the most skilled positions.
Meanwhile, boards, CEOs, and top tier executives are still skimming off the top for themselves despite shareholder objections to their ideas about long term success and sustainable growth (which shareholders are coming to realize you can't have by just axing the workforce, forcing them to work more, and lowering their pay, we're all connected).
Stop buying your stock options with profits, stop giving yourselves more stock options than the company can afford and takes value from shareholders, start investing in actually building a business, start investing in actually obtaining sustainable growth, and start investing in the people who work for you.