Wall Street has too many bankers and they are paid too much given the challenges facing the industry, according to James Gorman, the chief executive of Morgan Stanley. He said the bank will examine a further round of retrenchment next year. "There's way too much capacity and compensation is way too high," Mr Gorman told the Financial Times. "As a shareholder, I'm sort of sympathetic to the shareholder view that the industry is still overpaid." The comments from Mr Gorman comes on the eve of third-quarter results from Wall Street which are expected to underline the pressures revenues at banks remain under. A weak ... (full story)