CEO Morgan Stanley tells workers on Zoom: ‘If you want to get paid New York rates, you work in New York’

The CEO of one of Wall Street’s top investment banks is encouraging employees in its New York offices to come back to work this fall.

Morgan Stanley (MS) chief James Gorman said at an investing conference earlier this week that it’s time for the bank’s New York workers to head back to the office now that more people are getting vaccinated for Covid-19 and life is returning to normal. “If you can go to a restaurant in New York City, you can come into the office. And we want you in the office,” Gorman said. Gorman made the comments Monday at an annual conference about financial payments and commercial real estate.

Gorman said that many Morgan Stanley employees have already started to slowly make their way back to the firm’s headquarters at 1585 Broadway in Times Square a couple of days a week. But Gorman said that once the summer is over, most of the New York workers will need to be getting off Zoom and taking the subway into the office more regularly.

“By Labor Day, 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,” he said, adding that workers can’t expect to get their New York salaries if they continue to work remotely. “If you want to get paid New York rates, you work in New York,” Gorman said. “None of this ‘I’m in Colorado…and getting paid like I’m sitting in New York City.’ Sorry. That doesn’t work” [CNN Business].


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