GO
Loading...

Morgan Stanley CEO James Gorman Lets His Top Lieutenants Lie to Him with Impunity?

James Gorman
AP
James Gorman

On an April Friday last year, Morgan Stanley CEO James "Gorman received a call while on vacation with his family in Anguilla: In just four days the Agricultural Bank of China was holding a 'bake-off' for investment banks that wanted to handle its initial public offering. Ted Pick, co-head of equities for Morgan Stanley , told Gorman that the CEOs of other banks would be there. It was crucial that he come along. Gorman cut his vacation short and joined Pick on a plane to Beijing three days later.

Not long after his new boss was buckled in for the 16-hour flight, Pick informed Gorman that his part of the presentation would last for all of three minutes. And when they got to China, it turned out that none of the other promised investment bank CEOs were there —Pick had played Gorman about that small detail.

Rather than throw a tantrum, as many Wall Street chieftains would have, Gorman just laughed."

Look. There's no way you'd get away with that kind of crap around Jamie Dimon.

________________________________________

Questions? Comments? Email us atNetNet@cnbc.com

Follow John on Twitter @ twitter.com/Carney

Follow NetNet on Twitter @ twitter.com/CNBCnetnet

Facebook us @ www.facebook.com/NetNetCNBC

Wall Street