????但這在一定程度上是刻意為之。雖然沒有放棄債券市場(chǎng)，但戈?duì)柭吡Ψ磳?duì)擴(kuò)張這塊業(yè)務(wù)。事實(shí)上，他還在裁員，今年全公司范圍再裁員1,600個(gè)崗位。另外，為了降低成本，他也在想方設(shè)法將更多的債券交易自動(dòng)化。而且，戈?duì)柭韧懈e極地控制薪酬。今年，摩根士丹利第一次將年終獎(jiǎng)100%推遲發(fā)放，支付限制性股票而不是預(yù)付現(xiàn)金。戈?duì)柭硎?，此舉可能觸怒一些銀行家，但相信他們會(huì)留下來。這招險(xiǎn)棋走對(duì)了。銀行家流失數(shù)量不多。股價(jià)上漲當(dāng)然也有幫助。

????這些都是戈?duì)柭蛸Y產(chǎn)管理業(yè)務(wù)轉(zhuǎn)型計(jì)劃的一部分（資產(chǎn)管理業(yè)務(wù)一旦贏得客戶，就可以產(chǎn)生持續(xù)的經(jīng)常性收入），遠(yuǎn)離波動(dòng)性更大的高風(fēng)險(xiǎn)業(yè)務(wù)。這一策略似乎正在顯效。在美國(guó)經(jīng)濟(jì)復(fù)蘇的前半段，摩根士丹利經(jīng)紀(jì)部門的利潤(rùn)停滯不前，現(xiàn)在基本上已和美邦業(yè)務(wù)合并，利潤(rùn)開始提升。雖然其權(quán)益回報(bào)率可能不會(huì)回到過去的水平，但很多投資者相信摩根士丹利更加穩(wěn)定的業(yè)務(wù)結(jié)構(gòu)將為其帶來豐厚回報(bào)。

????“收費(fèi)業(yè)務(wù)的規(guī)模大幅膨脹，股票市場(chǎng)回升，這對(duì)于投資銀行應(yīng)該也是個(gè)利好?！痹谀Ω康だ麚?dān)任了15年經(jīng)紀(jì)人、如今經(jīng)營(yíng)著投資管理公司DLS Capital的大衛(wèi)?斯坦伯格表示。他表示，他一直在找機(jī)會(huì)買入這只股票，但迄今還沒有機(jī)會(huì)?！案?duì)柭呀?jīng)挖出了木頭中的大部分白蟻。風(fēng)險(xiǎn)比過去低多了?！?/p>

????在去年的年度股東大會(huì)上，戈?duì)柭陌l(fā)言被一些反華爾街抗議者打斷，抗議者指責(zé)摩根士丹利止贖操作不公、譴責(zé)超高的華爾街薪酬以及聘請(qǐng)游說機(jī)構(gòu)阻撓金融改革努力，等等。戈?duì)柭欢缺硎?，他很“生氣，聽到有人指?zé)我們的董事會(huì)做了不道德的事情，我不會(huì)任由事情這樣?！彪m然如此，戈?duì)柭€是在超過一小時(shí)的時(shí)間里冷靜地回答了抗議者和其他投資者的提問。

????戈?duì)柭嬖V一位路透社（Reuters）記者稱，總體而言，“我認(rèn)為這相當(dāng)順利?！彼?wù)摰氖侨ツ昴谴喂蓶|大會(huì)，但恰恰也是今年股東大會(huì)的寫照。（財(cái)富中文網(wǎng)）

????But part of that is by design. While not abandoning the bond market, Gorman has resisted calls to double down on the business. Instead, he has continued to cut staff -- he has already eliminated another 1,600 position this year firm-wide -- and has explored ways to automate more of its bond trading in order to lower costs. And Gorman has been more aggressive than his peers in reining in Wall Street pay. This year for the first time Morgan Stanley deferred 100% of its year-end bonuses, paying them out in restricted stock rather than upfront cash. Gorman said the move might anger some bankers, but he thought they would stay. His bet has paid off. There have been few defections. The rising stock price has of course helped.

????It's all part of Gorman's plan to shift the firm towards asset management, which produces consistent reoccurring revenue once you have gained the accounts, and away from Wall Street's more volatile and risky businesses. That bet now seems to be paying off. After stagnating for the first part of the economic recovery, profits at Morgan Stanley's brokerage division, now mostly combined with the Smith Barney acquisition, are starting to rise. And while the firm's ROE might not be going back to where it used to be, many investors think Morgan Stanley will be more richly rewarded for its more stable mix of businesses.

????"The fee business is a lot bigger than it used to be, and with the stock market ramping back up, that should be good for investment banking as well," says David Steinberg, who was a Morgan Stanley broker for 15 years and now runs money management firm DLS Capital. He says he has been looking at buying the stock but hasn't yet. "Gorman has gotten most of the termites out of the woodwork. It's a lot lower risk than it used to be."

????Last year, at the firm's annual meeting, Gorman was interrupted by some anti-Wall Street protestors who accused Morgan Stanley of unfair foreclosure practices, condoning excess Wall Street pay and using lobbyists to thwart financial reform efforts. At one point Gorman said he takes "umbrage at the suggestion that our board did anything unethical, and I can't just let that sit out there." But Gorman, nonetheless, calmly took questions from protestors and other investors for more than an hour.

????Gorman told a reporter from Reuters that, all things considered, "I thought that it was pretty smooth." He was talking about the meeting, but it turned out to be a pretty good prediction for the year ahead.