How Morgan Stanley Got Its Mojo Back

Morgan Stanley had slashed bonuses after another bad year. Chief Executive James Gorman, at a Swiss Alps conference, defended the move in a television interview. “If you’re really unhappy,” he told employees, “just leave.”

The comment in 2012 rocketed around Morgan Stanley’s trading floor 4,000 miles away. In Switzerland, some of Mr. Gorman’s top deputies, including star merger banker Paul Taubman, grumbled about the public rebuke, say people familiar with the episode.

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