Morgan Stanley back-to-work controversy as CEO tells staffers to go to the office full time – or else face a pay cut

MORGAN Stanley’s CEO has issued a warning to staffers that they could face a pay cut if they are not back in offices by Labor Day.

James Gorman also warned those who are living on a New York City salary but have moved to remote work elsewhere that they could expect similar pay cuts.

Morgan Stanley’s CEO wants workers back in the officeCredit: Reuters

The CEO, who has himself been going into the office four days a week since last July, claimed he would be “disappointed” not to see workers return.

He also blasted workers who can socialize in bars and restaurants but can’t come back into the workplace, the New York Post reports.

“Make no mistake about it. We do our work inside Morgan Stanley offices, and that’s where we teach, that’s where our interns learn, that’s how we develop people,” Gorman said during a virtual meeting on Monday.

“If you can go into a restaurant in New York City, you can come into the office.

James Gorman claimed he would be 'disappointed' if workers don't return by Labor Day

James Gorman claimed he would be ‘disappointed’ if workers don’t return by Labor DayCredit: AP

“On Labor Day, I’ll be very disappointed if people haven’t found their way into the office. Then, we’ll have a different kind of conversation,” Gorman, who himself contracted Covid last year, added.

Gorman spoke from the firm’s Midtown New York office during its annual U.S. Financials, Payments & CRE conference, which was held virtually.

Morgan Stanley had permitted its 70,000 employees to work from home since the start of the pandemic.

Yet Gorman now believes it’s time for them to come back.

His comments came a day before the Big Apple reached the target of 70 percent adults vaccinated, which will allow for full reopenings.

The company had allowed its 70,000 staff to work remotely

The company had allowed its 70,000 staff to work remotelyCredit: EPA

“If you want to get paid New York rates, you work in New York. None of this, ‘I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City,’” Gorman also said.

“Sorry, that doesn’t work.”

He did not say if there will be exemptions for staff with health concerns.

It comes after Facebook last week called on its 60,000 employees to either seek permission to keep working at home or go into the office at least half the time.

It said that it plans to open most of its US office by half-capacity by September.

Workers who have not received approval to work at home by this time will be expected to spend a minimum of 50 percent of the time in the office, according to the Wall Street Journal.

The social media giant has previously told staff that if they have relocated to lower-cost areas, they could have their salary reduced.

It also follows Goldman Sachs requiring its New York City staff to return to their desks on Monday.

The investment bank announced it will relocating 100 of its NYC roles to Florida, however.

Businesses in New York are free to welcome back 100 percent of staff without social distancing or health screenings if they are all vaccinated.

This rule could be lifted on Tuesday after the city hit the 70 percent vaccinated target.

If you’re afraid having a flexible work schedule during the pandemic has spoiled you for future jobs, you’re not alone


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