摩根士丹利欢度Facebook IPO一周年

    但这在一定程度上是刻意为之。虽然没有放弃债券市场，但戈尔曼竭力反对扩张这块业务。事实上，他还在裁员，今年全公司范围再裁员1,600个岗位。另外，为了降低成本，他也在想方设法将更多的债券交易自动化。而且，戈尔曼比同行更积极地控制薪酬。今年，摩根士丹利第一次将年终奖100%推迟发放，支付限制性股票而不是预付现金。戈尔曼表示，此举可能触怒一些银行家，但相信他们会留下来。这招险棋走对了。银行家流失数量不多。股价上涨当然也有帮助。

    这些都是戈尔曼向资产管理业务转型计划的一部分（资产管理业务一旦赢得客户，就可以产生持续的经常性收入），远离波动性更大的高风险业务。这一策略似乎正在显效。在美国经济复苏的前半段，摩根士丹利经纪部门的利润停滞不前，现在基本上已和美邦业务合并，利润开始提升。虽然其权益回报率可能不会回到过去的水平，但很多投资者相信摩根士丹利更加稳定的业务结构将为其带来丰厚回报。

    “收费业务的规模大幅膨胀，股票市场回升，这对于投资银行应该也是个利好。”曾在摩根士丹利担任了15年经纪人、如今经营着投资管理公司DLS Capital的大卫•斯坦伯格表示。他表示，他一直在找机会买入这只股票，但迄今还没有机会。“戈尔曼已经挖出了木头中的大部分白蚁。风险比过去低多了。”

    在去年的年度股东大会上，戈尔曼的发言被一些反华尔街抗议者打断，抗议者指责摩根士丹利止赎操作不公、谴责超高的华尔街薪酬以及聘请游说机构阻挠金融改革努力，等等。戈尔曼一度表示，他很“生气，听到有人指责我们的董事会做了不道德的事情，我不会任由事情这样。”虽然如此，戈尔曼还是在超过一小时的时间里冷静地回答了抗议者和其他投资者的提问。

    戈尔曼告诉一位路透社（Reuters）记者称，总体而言，“我认为这相当顺利。”他谈论的是去年那次股东大会，但恰恰也是今年股东大会的写照。（财富中文网）

    But part of that is by design. While not abandoning the bond market, Gorman has resisted calls to double down on the business. Instead, he has continued to cut staff -- he has already eliminated another 1,600 position this year firm-wide -- and has explored ways to automate more of its bond trading in order to lower costs. And Gorman has been more aggressive than his peers in reining in Wall Street pay. This year for the first time Morgan Stanley deferred 100% of its year-end bonuses, paying them out in restricted stock rather than upfront cash. Gorman said the move might anger some bankers, but he thought they would stay. His bet has paid off. There have been few defections. The rising stock price has of course helped.

    It's all part of Gorman's plan to shift the firm towards asset management, which produces consistent reoccurring revenue once you have gained the accounts, and away from Wall Street's more volatile and risky businesses. That bet now seems to be paying off. After stagnating for the first part of the economic recovery, profits at Morgan Stanley's brokerage division, now mostly combined with the Smith Barney acquisition, are starting to rise. And while the firm's ROE might not be going back to where it used to be, many investors think Morgan Stanley will be more richly rewarded for its more stable mix of businesses.

    "The fee business is a lot bigger than it used to be, and with the stock market ramping back up, that should be good for investment banking as well," says David Steinberg, who was a Morgan Stanley broker for 15 years and now runs money management firm DLS Capital. He says he has been looking at buying the stock but hasn't yet. "Gorman has gotten most of the termites out of the woodwork. It's a lot lower risk than it used to be."

    Last year, at the firm's annual meeting, Gorman was interrupted by some anti-Wall Street protestors who accused Morgan Stanley of unfair foreclosure practices, condoning excess Wall Street pay and using lobbyists to thwart financial reform efforts. At one point Gorman said he takes "umbrage at the suggestion that our board did anything unethical, and I can't just let that sit out there." But Gorman, nonetheless, calmly took questions from protestors and other investors for more than an hour.

    Gorman told a reporter from Reuters that, all things considered, "I thought that it was pretty smooth." He was talking about the meeting, but it turned out to be a pretty good prediction for the year ahead.