The New York Post reports that Gorman is getting ready to play "hardball" and have some hard-hitting conversations with his star bankers about bonuses. What's more, bonuses could fall as much as 23 percent this year.

Gorman raised a few eyebrows in November when he said that Wall Street should clamp down on bonuses and downplay the notion that finance is a place to seek individual glory. In keeping with that theme, he's apparently unafraid to risk the departure of some of Morgan Stanley's hotshots:

Sources said Gorman isn't afraid to rattle his more richly rewarded ranks because he believes the firm's bench is deep enough to replace high-salaried staffers with able talent.

Meanwhile, Gorman himself pulled down $15.1 in compensation last year, although a portion of that is subject to clawbacks.

Make no mistake, though: Until Wikileaks fulfills its promise to wholly embarrass one major Wall Street player, James Gorman is the person the financial world needs to keep an eye on.

mtaylor [at] observer.com | @mbrookstaylor