Tr?id=566623520170033&ev=PageView&noscript=1

Attorneys Believe James Gorman's "New Blood" Remarks Could Strengthen Ageism Lawsuits

Posted on June 26th, 2023 at 11:02 AM
Attorneys Believe James Gorman's

From the desk of Jim Eccleston at Eccleston Law 

James Gorman, CEO of Morgan Stanley, has faced criticism for his recent comments regarding the company's termination of around 3,500 employees since April. During a conference, Gorman stated that they had removed many managing directors to create opportunities for others and mentioned hiring new interns as "new blood" coming in.

Lawyers representing plaintiffs with discrimination claims against Morgan Stanley saw these remarks as evidence of ageism and other forms of discrimination, suggesting that the layoffs were aimed at shedding older, higher-paid workers and individuals in protected categories under federal law, including minorities.

According to AdvisorHub, the wealth management industry faces significant age-discrimination claims due to the large proportion of advisors over 55 years old. Lawyers emphasized the importance of companies preparing and establishing non-discriminatory reasons for layoffs to avoid inadvertent bias. Such comments by CEOs, especially those suggesting firing high earners, have been interpreted by courts as indicators of age discrimination.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

 


It was really fun seeing you fight for us. You have an amazing way of thinking out of the box.


 

Beth M.

LATEST NEWS AND ARTICLES

1780940050 Law
June 8, 2026
FINRA Sanctions Oppenheimer for Misclassified Client Statements Involving CMOs

The Financial Industry Regulatory Authority (FINRA) has fined and censured Oppenheimer & Co.

1780676353 Law
June 5, 2026
Redemption Pressure Mounts Across Private Credit and Non-Traded BDC Market

Investors continued pulling money from private credit and nontraded business development companies ("BDCs") during the first quarter of 2026 as concerns about liquidity and portfolio valuations intensified across the sector, according to reporting by InvestmentNews.

1780588152 Law
June 4, 2026
Former Wells Advisor Alleges Age Discrimination

A former Wells Fargo senior private client financial advisor in Wisconsin has filed a federal lawsuit alleging the firm terminated him because of his age rather than an alleged workplace profanity incident.