Morgan Stanley's (MS) CEO Gorman to Cut Costs with Killer Precision
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There are a few words you might use to describe Morgan Stanley (NYSE: MS) CEO James Gorman. "Sharp," "well-dressed," "clever," "intense."
He prefers: "maniacal."
Speaking at a conference in New York, NY Tuesday, Gorman said he is "maniacally focused" on cutting costs (aside from compensation) and is currently on track for reducing expenses by $500 million in 2012 alone.
Two of the key ways Gorman is looking to trim expenses is job cuts (obviously), as well as merging data centers and wealth-management offices. The latter would reduce overall real estate and other non-compensation expenses.
According to data compiled by Reuters, Morgan Stanley cut 2,925 jobs from the first quarter of 2011 though this year's first three months. Shares ended about 4.2 percent higher Tuesday.
He prefers: "maniacal."
Speaking at a conference in New York, NY Tuesday, Gorman said he is "maniacally focused" on cutting costs (aside from compensation) and is currently on track for reducing expenses by $500 million in 2012 alone.
Two of the key ways Gorman is looking to trim expenses is job cuts (obviously), as well as merging data centers and wealth-management offices. The latter would reduce overall real estate and other non-compensation expenses.
According to data compiled by Reuters, Morgan Stanley cut 2,925 jobs from the first quarter of 2011 though this year's first three months. Shares ended about 4.2 percent higher Tuesday.
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