????但這在一定程度上是刻意為之。雖然沒有放棄債券市場，但戈爾曼竭力反對擴張這塊業務。事實上，他還在裁員，今年全公司范圍再裁員1,600個崗位。另外，為了降低成本，他也在想方設法將更多的債券交易自動化。而且，戈爾曼比同行更積極地控制薪酬。今年，摩根士丹利第一次將年終獎100%推遲發放，支付限制性股票而不是預付現金。戈爾曼表示，此舉可能觸怒一些銀行家，但相信他們會留下來。這招險棋走對了。銀行家流失數量不多。股價上漲當然也有幫助。

????這些都是戈爾曼向資產管理業務轉型計劃的一部分（資產管理業務一旦贏得客戶，就可以產生持續的經常性收入），遠離波動性更大的高風險業務。這一策略似乎正在顯效。在美國經濟復蘇的前半段，摩根士丹利經紀部門的利潤停滯不前，現在基本上已和美邦業務合并，利潤開始提升。雖然其權益回報率可能不會回到過去的水平，但很多投資者相信摩根士丹利更加穩定的業務結構將為其帶來豐厚回報。

????“收費業務的規模大幅膨脹，股票市場回升，這對于投資銀行應該也是個利好。”曾在摩根士丹利擔任了15年經紀人、如今經營著投資管理公司DLS Capital的大衛?斯坦伯格表示。他表示，他一直在找機會買入這只股票，但迄今還沒有機會。“戈爾曼已經挖出了木頭中的大部分白蟻。風險比過去低多了。”

????在去年的年度股東大會上，戈爾曼的發言被一些反華爾街抗議者打斷，抗議者指責摩根士丹利止贖操作不公、譴責超高的華爾街薪酬以及聘請游說機構阻撓金融改革努力，等等。戈爾曼一度表示，他很“生氣，聽到有人指責我們的董事會做了不道德的事情，我不會任由事情這樣。”雖然如此，戈爾曼還是在超過一小時的時間里冷靜地回答了抗議者和其他投資者的提問。

????戈爾曼告訴一位路透社（Reuters）記者稱，總體而言，“我認為這相當順利。”他談論的是去年那次股東大會，但恰恰也是今年股東大會的寫照。（財富中文網）

????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.