????顯然，12.5萬美元的年終獎對于某些華爾街人士來說并沒有看上去那么令人沮喪。

????摩根士丹利（Morgan Stanley）首席執行官高聞日前在《財富》雜志（Fortune）早餐會上講話時稱，自從摩根士丹利將2011年年終獎上限定為12.5萬美元以來，僅有兩位高級雇員離職。年終獎走低（至少按華爾街標準來說是如此）的報道令人懷疑投行工作到底還值不值得追捧。有些人認為，這給了自負的投資銀行家沉重的一擊。《紐約雜志》（New York Magazine）有關這個話題的封面報道選用的圖片是一個西裝革履的、貌似銀行家的人物緊緊地護著襠部。

????上個月，高聞說，對薪酬不滿的員工“盡管走人”。但幾乎沒人離開。高聞告訴《財富》雜志編輯賽安迪，有人說“占領華爾街”（Occupy Wall Street）運動、華爾街減薪以及投行“魚肉”客戶等因素正在影響到投行的員工招募和留用，這種說法著實“可笑”。

????“這就好比曾經有人想進華爾街，但是后來接受了一些道德說教，然而打了退堂鼓。誰在乎？”高聞說，最近他在沃頓商學院（Wharton business school）演講，前來聽講座的學生兩間教室都坐不下。許多學生都穿著西裝，上前來給他遞名片。“很多朋友打電話給我，要幫他們的孩子找工作，這種事同樣有增無減，”高聞說。

????最近，摩根士丹利向即將畢業的本科生和MBA學生們發出了錄用通知書。高聞稱，最終錄用的比例在70%- 84%之間，大部分沒有選擇摩根士丹利的人最后都去了兩大競爭對手那里。高聞稱：“他們不會去其他地方。”

????而且，摩根士丹利也并沒有出現員工離職潮。據高聞表示，自從摩根士丹利發放年終獎以來，1,800位高級雇員中只有兩位董事總經理離職，“對此他表示遺憾”。一位董事總經理是在亞洲，轉投一家對沖基金。高聞沒有提到另一位。除了最高管理層，董事總經理往往是一家投行中最高級的職務之一。

????高聞認為，高盛（Goldman Sachs）前雇員格雷格?史密斯最近刊登在《紐約時報》（New York Times）社論版的文章有失公允。并稱，（《紐約時報》）選登一位心懷不滿的前雇員撰寫的文章，“既不公平，也缺乏平衡性”。在他看來，高盛仍是一家受客戶尊敬的公司。他告誡員工，不要為了搶生意而向客戶散播這篇文章。

????像高盛一樣，他說，摩根士丹利也常常會遇到有利益沖突的交易。高聞稱：“它可能就發生在上周，在全球某個地方。”關于什么時候公司應該為避免利益沖突而退出哪宗交易，并沒有絕對的規定。高聞稱：“這也正是我們設立沖突委員會的原因。”

????當然，投資銀行家還沒落魄到要人同情的地步。摩根士丹利大部分員工2011年的薪酬都明顯高于12.5萬美元。除了現金年終獎，摩根士丹利的員工們都有固定薪水（且過去幾年呈現上升之勢），頂級銀行家還會獲得股票，股票價值就算沒有幾百萬美元的話，少說也有幾十萬美元。

????高聞認為，美國經濟顯然正在轉強，未來幾年銀行股的表現將強于標準普爾500指數。高聞稱：“我們的實際狀況大大好于當前股價所反映的水平。”

????譯者：早稻米

????Apparently, getting a bonus check for $125,000 isn't as disheartening as it may seem to some on Wall Street.

????Morgan Stanley CEO James Gorman, speaking at a Fortune breakfast series, said his firm has lost only two high-level employees since capping year-end cash bonuses for 2011 at $125,000. The news of the low year-end pay, at least by Wall Street standards, has sparked griping that being an investment banker is not worth it anymore. Some have said it was a big ego blow. A New York Magazine cover story on the topic had a picture of a person in a suit, presumably a banker, holding his crotch.

????Last month, though, Gorman said employees who were unhappy with their pay "should just leave." Few did. Gorman told Fortune managing editor Andy Serwer that the idea that Occupy Wall Street, falling pay checks and allegations that clients are treated like "muppets" is hurting recruiting and retention is "ridiculous."

????"There's one guy who wanted to go to Wall Street but now had some kind of moral epiphany and won't, who cares?" said Gorman. He said he recently spoke at a Wharton business school and that there were two overflow rooms of students. He said many of the students wore suits and came up to him with business cards. "The number of friends who call me to get jobs for their kids hasn't stopped," said Gorman.

????Morgan recently handed out offers to soon-to-graduate undergraduates and MBAs. Gorman said the acceptance rate has been somewhere between 70% and 84%. He says most of the people who haven't joined Morgan have gone to one of his firm's two main competitors. "They're not going anywhere else," says Gorman.

????What's more, there hasn't been any mass exodus at the firm, either. Gorman said Morgan Stanley (MS) has lost only two managing directors "that he regretted," out of 1800, since paying out bonuses. One was in Asia and left to go to a hedge fund. Gorman didn't comment on who the other was. Outside of top management, managing director is typically one of the highest level positions at an investment bank.

????Gorman said he thought the recent New York Times op-ed by former Goldman Sachs (GS) employee Greg Smith was unfair. He said printing an op-ed by one disgruntled employee was not "fair and balanced" and that it seemed to him that Goldman is still a place that is respected by its clients. He told employees not to circulate the article to clients in order to win business.

????Like Goldman, he says Morgan regularly deals on transactions where it has conflicts of interest. "It probably happened sometime in the last week somewhere in the world," said Gorman. He said there are no absolute rules on when the firm should back out of a transaction because of conflicts. "That's why we have conflict committees," said Gorman.

????To be sure, few are crying for investment bankers. Most employees at Morgan got paid well over $125,000 last year. On top of the cash bonus, Morgan employees receive a set salary, which has been rising in last few years, and stock grants, which for top bankers can be hundreds of thousands of dollars, if not millions.

????Gorman said he thinks the U.S. economy is clearly strengthening and that bank stocks will outperform the Standard & Poors 500 in the next few years. "We are in much better shape than our stock price suggests," said Gorman.