Morgan Stanley chief to bankers: If you want NYC salary, you need to be in NYC

Morgan Stanley’s top boss issued a stern warning to his staff Monday — come back to the office by Labor Day, or face a pay cut.

“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,” Chief Executive James Gorman said during the firm’s annual U.S. Financials, Payments & CRE conference from the bank’s Midtown office, which was held virtually this year.

“If you can go into a restaurant in New York City, you can come into the office.”

Since the pandemic first started, the banking giant permitted its 70,000 employees to work from home, but with 70 percent of Big Apple adults vaccinated and an infection rate that’s not even half a percent, Gorman said it’s time for workers to get off their couches and back to their desks.

“On Labor Day, I’ll be very disappointed if people haven’t found their way into the office. Then, we’ll have a different kind of conversation,” the head honcho warned.


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