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Top executives from Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America testify during the first public hearing of the Financial Crisis Inquiry Commission on Jan. 13, 2010, in Washington.
Top executives from Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America testify during the first public hearing of the Financial Crisis Inquiry Commission on Jan. 13, 2010, in Washington.
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Wall Street pay is 'way too high', says Morgan Stanley chief

Over the past few years, there have been occasional tidbits of information that signal the big investment banks are still suffering. Some layoffs here. Rough quarterly results there.

However, James Gorman, the head of Morgan Stanley, got real in a new interview with the Financial Times. His message: there are still too many people on Wall Street and not enough business to justify their costs. And although Morgan Stanley itself has acknowledged this before, by announcing 4,000 job cuts, Mr. Gorman was much more forthcoming this time.