Morgan Stanley’s chief executive said he expects all New York City employees to be back at their desks by Labor Day — or they will face salary cuts.
“I’ll be very disappointed if people haven’t found their way into the office and then we’ll have a different kind of conversation,” James Gorman said in a virtual conference Monday from the bank’s office at 1585 Broadway.
“Make no mistake about it. We do our work inside Morgan Stanley offices, and that’s where we teach, that’s where our interns learn, that’s how we develop people,” the head honcho added.
“If you can go into a restaurant in New York City, you can come into the office.”
The investment bank has allowed its 70,000 employees to work from home during the pandemic but is now sending a clear message that remote work is not the new norm.
Gorman even threatened the possibility of pay cuts if staff do not comply.
“If you want to get paid New York rates, you work in New York. None of this, ‘I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City,’” Gorman said.
“Sorry, that doesn’t work.”
Still, Morgan Stanley has been slower to bring people back compared to other banks like Godman Sachs and JPMorgan.