????對美邦進行估值的第三方咨詢公司Perella Weinberg為戈爾曼提供了又一項戰(zhàn)果，這家咨詢公司基本與摩根士丹利站在一邊，將收購交易價格縮減多達85億美元。另外，爭取新雇員的工作雖然尚未完成，美邦經(jīng)紀人并未出現(xiàn)大幅流失。

????Facebook IPO讓摩根士丹利自負的科技團隊栽了個大跟頭。摩根士丹利支付的相關(guān)罰款達到了500萬美元。根據(jù)Dealogic的數(shù)據(jù)，摩根士丹利在2012年科技股IPO主承銷商中排名第六。在Facebook IPO之前一年，該公司排名第一。但若論美國投行的科技類交易費用收入（包括兼并購和非IPO股票發(fā)行），摩根士丹利仍名列第一。

????麥晉桁稱，將Facebook IPO失敗歸咎于戈爾曼或摩根士丹利其他高管是不公平的。以38美元發(fā)行的Fackbook股價一年后仍僅為26美元，“當時我們很多人都說不要定這樣高的價格，”麥晉桁表示，“但Facebook的問題是嚴重超額認購。”

????麥晉桁表示，F(xiàn)acebook想要出售股票。因此，摩根士丹利的銀行家們覺得，如果有人打算買下這些額外的股票，不妨由他們來。”即便如此，麥晉桁認為，是納斯達克（Nasdaq）的技術(shù)故障最終搞砸了這宗IPO，造成IPO當天交易推遲，整天問題不斷。

????戈爾曼拒絕對本文置評。摩根士丹利繼去年虧損，而今年一季度盈利近10億美元后，戈爾曼表示，公司的許多大麻煩已經(jīng)過去了。

????但是，戈爾曼打出“任務(wù)完成”的標語還為時尚早。一季度業(yè)績得到改善，但仍低于分析師的預(yù)期。曾經(jīng)買進760萬股摩根士丹利股票、斷言股價將翻番的對沖基金經(jīng)理丹?勒布最近在監(jiān)管文件中披露，其所在公司Third Point已在一季度拋出了全部摩根士丹利股票。勒布拒絕發(fā)表評論。摩根士丹利的權(quán)益回報率最近升至了7.6%，但仍遠遠低于金融危機前的水平。而且，摩根士丹利債券交易業(yè)務(wù)顯著落后于長期競爭對手高盛（Goldman Sachs）等。

????Perella Weinberg, the third-party adviser brought into value Smith Barney, handed another victory to Gorman, mostly siding with Morgan Stanley, cutting the price of the deal by as much as $8.5 billion. And, while the job's not done winning over his new employees, there's been no major exodus of Smith Barney brokers.

????The Facebook IPO has taken Morgan Stanley's vaunted technology team down a notch. Morgan Stanley was forced to pay a $5 million fine related to the deal. Morgan Stanley ranked 6th in the past year as lead underwriter of technology IPOs, according to Dealogic. That's down from No. 1 in the year before Facebook. But when it comes to overall U.S. investment banking fees from tech deals, which also includes mergers and acquisitions and non-IPO stock offerings, Morgan Stanley still ranks No. 1.

????Mack says it's unfair to blame Gorman or any of Morgan Stanley's other bankers for the Facebook flop. A year later, the shares, which went public at $38, still only fetch $26."There were a number of us who said don't price it there," says Mack. "But the Facebook issue was so oversubscribed."

????Mack says Facebook wanted to sell the shares. So Morgan Stanley bankers figured if someone was going to underwrite the extra shares, it might as well be them. Even so, Mack says in the end he believes it was the glitch at the Nasdaq, which delayed trading and caused problems throughout the day of the IPO that ultimately did in the deal.

????Gorman declined to comment for this story. Following the first quarter, in which the firm made nearly $1 billion after losing money last year, Gorman said that he thought many of the firm's biggest issues were behind it.

????Still, it's too soon for Gorman to fly the "mission accomplished" banner. The better earnings in the first quarter still missed analysts' expectations. Hedge fund manager Dan Loeb, who bought 7.6 million Morgan Stanley shares and said he expected the stock price to double, recently revealed in a regulatory filing that his firm Third Point sold its entire stake in the first quarter. Loeb declined to comment. The firm's return on equity has climbed recently to 7.6%, but it is still well below where it was before the financial crisis. And Morgan Stanley's bond trading business significantly lags long-time rival Goldman Sachs (GS) as well as others.