Morgan Stanley's Chief Executive Officer James Gorman told shareholders on Thursday that it is too early for him or anyone on the board of directors to consider reinstating the bank's share buyback program.
Despite the costs of these expansions, Gorman has said that the bank’s operating committee unanimously ruled out staff cuts in 2020.
Since March, more than 90% of the bank’s worldwide staff has been working from home, and Gorman said Thursday he expects only about 50% of workers to return to working in offices by the end of this year. Shareholders at the meeting, which was held virtually due to the coronavirus pandemic, voted to reelect Gorman and the rest of the bank’s board of directors with the support of nearly 97% of votes, according to initial tallies. Roughly 94% of investors voted to approve the bank’s executive compensation plan.
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