Layoffs Watch '08: Morgan Stanley

Posted by guest, May 05, 2008 2:29PM

@2:23 I think you have to read into the article the fact that people are taking pleasure at other's misery. Its not really blatant. It is there however, no denying it. I would chalk it up to typical NY schadenfreude (sp??). On an island nation like NY, everything is limited and everything gets fought over. We all suffer indignities, both major and minor, all day and night. Do you blame us then for taking pleasure in seeing others hurt.

Posted by guest, May 05, 2008 2:31PM

@ 2:29. you have to "read into it" because it's not there.

Posted by guest, May 05, 2008 2:31PM

@2:23:
It looks like somebody's got a case of the "Mondays".

Posted by guest, May 05, 2008 2:32PM

To clarify.. in @2:29 NY = Manhattan

Posted by guest, May 05, 2008 2:34PM

@2:31 Its there in the form of the mildly snarky "will soon know the joys of free Bloomberg subscriptions..." Any addition of wit to a layoff announcement is taking pleasure at the misery of others.

Posted by guest, May 05, 2008 2:36PM

Oh gee.....did we take a little too much un-priceable risk and wose our wittle job because of it?

Hey Dickhead: There are two kinds of financial types: Those who have been let go and those who will be let go. They didn't tell you that at Harvard?

Posted by Master of None, May 05, 2008 2:39PM

Started hearing about this a few weeks ago.

So it goes.

Posted by guest, May 05, 2008 2:39PM

no, 2:34, any addition of wit to an otherwise straight business story is the point of this site. if you think injecting humor into things is necessarily indicative of "taking pleasure at the misery of others," you are sorely mistaken (and dumb).

Posted by guest, May 05, 2008 2:41PM

@2:36, that is one of the dumbest things Ive ever heard, did they teach you that at Queens College?? I dont lose money, I print it, now go back to clearing trades you little punk

Posted by guest, May 05, 2008 2:43PM

In light of the many, many layoffs, I think Bess Levin and Dealbreaker are trying to let people know the news but keep the site on the light side.

Although some people make really insensitive comments and essentially blame the victims, most commenters are decent and comprehend that the current crisis has created a big human toll.

Posted by guest, May 05, 2008 2:43PM

@2:36...Hey, Hitler...there aren't any Germans here for you to push around. Now, go back to watching Fox Business News.

Posted by guest, May 05, 2008 2:51PM

Good luck to you all. You will do better in the long run. It is usually numbing for a week or so.

Posted by guest, May 05, 2008 2:52PM

2:41 - "I dont lose money, I print it, now go back to clearing trades you little punk."

Wow!!! That's the most retarded thing I've heard in a very, very, very long time!

Posted by guest, May 05, 2008 2:54PM

They should lay off some more... I want to buy a house and all those people with stupid bonusses have driven the price up and created a bubble in their own benefit... Get rid of all of them and avoid bonus next time!

Posted by guest, May 05, 2008 2:54PM

@2:52, does the truth hurt?? Sounds like someone struck a nerve

The Other Guy From Delaware

Posted by guest, May 05, 2008 2:57PM

Do people that have lost their jobs still look at DB? Or is it something that only the employed glance at when they have downtime? If the former, would love to hear from some of you. Talk to us. Something, anything. Hows the market, what kind of things are you looking at, how are you spending yr days, does it really suck, or not. Just wondering.

Posted by blndebnker, May 05, 2008 2:57PM

Hey guy from Delaware...are you in Delaware or just from Delaware?

Posted by Anal_yst, May 05, 2008 2:58PM

Being laid off sucks, but its not (usually) the end of the world. That whole 'what does not kill me...' idea is generally true in the long run, especially when it comes to being laid off - something that over a long career will likely happen more than once. With that perspective, its easier to understand that (again, for most) they'll be able to look back on it and realize that a little humor in an otherwise depressing time wasn't so evil as it seemed.

Posted by golden girl, May 05, 2008 2:59PM

What is this, Jezebel? I read enough humorless knee-jerk comments over there, thanks.

Posted by guest, May 05, 2008 3:03PM

no, no anal_yst.. I've been there (but over ten years ago, and never during a time of mass firings), so I can look at this with the benefit of hindsight. Now though I wanna hear from those currently in the situation. What exactly is going on?

Posted by guest, May 05, 2008 3:03PM

Quote: [Im glad that you j-offs take so much pleasure in people losing their jobs. Bess you are nothin but a stupid ho]

2:23 is the kind of moron you sometimes have to sit down and explain the facts about life to. Similar to that tool a while back that started the hate blog about Bear and Jews. Actually, don't waste time on explanations someone please just find him and slap him for me.
-Tnx

Posted by guest, May 05, 2008 3:07PM

@3:03 I must be a little kinder than you, more willing to give the benefit of the doubt. I sense in him not stupidity but instead the panic of having just lost or knowing you are about to loose a job. Combined with higher credit card balances that you ought to have. And a market with bad prospects for fixing the situation anytime soon. Kind of like being cornered.

Posted by guest, May 05, 2008 3:10PM

@3:03. YOu are a tremendous tool. Actually they are the entire shed. I agree with this person, there are alot of haters out there right now, we are all gonna be affeted by this mess that a few people basically created.

Posted by blndebnker, May 05, 2008 3:15PM

@ 3:07pm

I can see what you're saying and I'm sure that's true. However, being someone who's head is quite possibly on the chopping block at her own firm, I can still laugh at it and try to find the light side. Sometimes if you don't laugh, you'll cry.

Posted by guest, May 05, 2008 3:15PM

Jeez....read "Fired Up" by Harvey Mackay....everything will be all right. And, until you've been fired, downsized, laid off or let go on your birthday...TWICE...like someone (ahem) I know...it will be hard for me to get real emotional about the issue. You'll thank me later when you're making 3 times the money.

Posted by guest, May 05, 2008 3:28PM

hey 2:23, want to hear a funny joke? tom weisel is laying off 600 bankers! hahahahahaha, loser. http://www.tweisel.com/Images/2008Q1_Earnings_Release_tcm4-3485.pdf

i totally heart BL and the horse she rode/wrote in on.

Posted by guest, May 05, 2008 3:32PM

Any updates on Bear already? Talked to one BSC employee in late April, said a large portion of employees scheduled to find out the news this week..

Posted by guest, May 05, 2008 3:32PM

Michael Bloomberg, Pat Mitchell, Lou Holtz, Bernie Marcus, Bill Belichick, Tom Landry, Jesse Ventura, Tom Stenberg, Joe, Torre, Larry King, Lance Armstrong, Lee Iacocca, Jamie Dimon, Robert Redford, Jimmy Johnson.

They were all "let go" in one way or another at some time in the past. Do you remember who let them go?

Posted by guest, May 05, 2008 3:33PM

I can't believe "Thadeus" hasn't shown up yet with his usual offer for the soon to be departed female employees. Upon hearing that blndebnker might be on the block though I'm sure he'll be chiming in shortly.

Posted by blndebnker, May 05, 2008 3:37PM

@ 3:33pm

I sure hope so. I'm ready to entertain some offers.

Posted by guest, May 05, 2008 3:40PM

Well, if you are feeling sorry for yourself because you lost a job or will lose one soon, the article via the link below will put things into perspective.

http://www.star-telegram.com/226/story/621508.html

Posted by guest, May 05, 2008 3:40PM

BSC employees will know their fate by the 1st week of June according to what I have read. Alot of people are gonna be on the street for a long time, prob for 2 years minimum. Long live Thadeus

Posted by guest, May 05, 2008 3:44PM

Re Thos Weisel: they're letting go 160, LEAVING 600 (not axing 600) Thought that was too big for a firm that size.

Posted by guest, May 05, 2008 3:45PM

you chumps should just be glad you didn't die in a cyclone: http://news.yahoo.com/s/ap/20080505/ap_on_re_as/myanmar_cyclone

Posted by blndebnker, May 05, 2008 3:49PM

@3:40pm

That's the saddest thing ever. It's a nice slap in the face after getting a limp blown off in combat.

@3:40pm

They will prob hear sooner than that. June 2nd is the official "day 1" of the combined company, share-holder vote permitting. Things should probably be pretty clear for both sides within the next two-three weeks tops.

Posted by blndebnker, May 05, 2008 3:50PM

And by limp I mean LIMB

Posted by guest, May 05, 2008 3:54PM

The bottom line is that when you hear numbers out there around 100K for job losses it is going to impact everyone to some degree. Its a bad situation, thanks to all the risk teams and CEO's for watching what the hell your people were doing. Especially UBS and Citi, talk about being on the wrong side of a trade.

Posted by guest, May 05, 2008 3:57PM

@3:54 You're thanks are sort of silly. If in fact the risk teams, etc. had been as vigilant as you feel they should have been, a lot of these jobs that are now being eliminated would never have been created. You rode the boom on the way up but are now resenting the fact that its being followed by a bust.

Posted by guest, May 05, 2008 4:07PM

I'm from Delaware, though I'm not the original Delaware guy. Everybody likes Delaware.

Posted by blndebnker, May 05, 2008 4:11PM

@4:07pm

Nobody likes Delaware. Other than the school. That was the best time ever. And Dewey on occasion. Otherwise, not so much.

Posted by guest, May 05, 2008 4:11PM

Actually I have friends that don't. They went to Rehobeth Beach, after hearing it was like Fire Island and Provincetown and were seriously disappointed. GAnalYst

Posted by blndebnker, May 05, 2008 4:14PM

Rehoboth is overrated. The gay population isn't nearly as big as people think and it's not a very stylish one at that. A lot more families than anything.

Posted by guest, May 05, 2008 4:15PM

Here's a fishing boat even Sig might work on!!

http://mypetjawa.mu.nu/archives/192546.php

It's safe for work.

Posted by guest, May 05, 2008 4:24PM

@3:57 This is true. Financial services as a percentage of GDP had never been larger than during the last few years, and it was probably too large. A lot of these jobs won't be coming back anytime soon. Sucks for those involved, but yeah, like 3:40 pointed out, life is much worse for a lot of people out there, some of whom even genuinely deserve sympathy.

Posted by guest, May 05, 2008 4:42PM

Today is May 5th. The last official word from JP Morgan is that the Bear Stearns employment actions would be complete by May 31. Because of the many false rumors, I'm going by what JP Morgan has actually said through its spokespersons.

Since employees have been terminated in small clusters as time goes by (and the late-running JP Morgan teams complete their review), my fearless prediction is that people will be laid off this week, next week, and the week after that. I think despite the May 31, 2008 end-date given recently, JP Morgan envisions continuing to squeeze out what Jamie Dimon likes to refer to as "excess cost" until October, as they evaluate the operation of the integrated teams.

Late last Friday, JP Morgan announced that it had taken 25 Bear Stearns MDs from the Bear Stearns investment banking group, and announced some senior management placements. But it was not announced where all 25 would be positioned.

Therefore, I think JP Morgan is currently focussed on integrating the JP Morgan IB with the Bear Stearns'IB.

Perhaps over the summer, JP Morgan will identify a regional retail bank to buy, and its top team can be made happy by chewing and digesting that carcass. Then perhaps those who have survived from Bear Stearns can have some peace of mind.

Posted by guest, May 05, 2008 4:44PM

I can't believe commenter number one called Bess "stupid" and a "ho." Bess, we know you're neither!

Posted by Investorcluzo, May 05, 2008 4:55PM

played golf at my club (not friar's head) with a senior guy from jpm this weekend, he was spouting off some very large (eye popping) numbers of pink slips coming in the next couple of weeks. add to that the ubs folks and you're not going to be able to get dinner rezzi's in the hamptons this summer. hope you got your summer share set, because people aren't buying this year - they are renting. jimney xmas, this is really going to make getting into star room and pink elephant difficult (maybe they'll cut you a break on bottle service)...

oh, the "I don't lose money, I print it" comment was a classic..."back to processing trades", ha, ha! perhaps some of you should head to caroline's for amateur night.

Posted by guest, May 05, 2008 5:56PM

@ 2:54 - I cannot believe that someone would see the need, on this board of all places, to steal my handle. That is the lowest of the low.

The (Real) Other Guy From Delware - Who generally posts in the evening, albeit irregulary.

PS: blndebnker: I have lived in Delaware since 1972, but I'm not an original. So, to answer your question - "in".

To the ersatz Delaware wanna-be out there: Dream on, dillweed!

Posted by guest, May 05, 2008 6:33PM

oh God, here's we go with the multiple guys from Delaware again.

Posted by guest, May 05, 2008 6:46PM

@6:33 - "here's" we go? Didn't they teach you English in your GED course? Or, are you just plowed already?

The Other Guy From Delaware

Posted by guest, May 05, 2008 7:47PM

cluz @4:55 You're confusing getting into places with paying for things once you get in. I would think an avalanche of pink slips would make it EASY to get "rezzi's" in the Hampton, or get into those clubs. Fact is no one can afford it - so demand goes down. Re the rezzis - in the Hamptons, a good part of that is for the day tripper, guest house staying crowd. No one with a house - own or share - admits to eating out on Saturday. Its more fun to fire up the barbie - the fact that the 'rents in NJ are doing the exact same thing (and not having to pay thousands for the privilege) escapes everyone.

Posted by guest, May 05, 2008 9:54PM

OK, here we go again with the multiple guys from Delaware. As usual, identities are mixed up.

Posted by guest, May 05, 2008 9:58PM

@ 9:54 Glad you got it right this time, asswipe.

Posted by guest, May 05, 2008 10:42PM

check out abovethelaw.com for CRAZY HORRIBLE story about layoffs

Posted by guest, May 05, 2008 11:13PM

@9:58pm. Could you be ... a guy from Delaware? Usual obscene Daffy Duck style retort. If you are so concerned about establishing your identity and someone else appropriating your identity, why don't you do the obvious thing and register?

Posted by guest, May 06, 2008 6:20PM

Any ideas on what a place like Bear or Morgan Stanley pay out in serverance this time of year?

Posted by guest, May 08, 2008 10:56AM

Live by the sword, die by the sword.

I can't believe anybody would cry for victims of wall street layoffs. If you want job security, go work for the government... i hear the benefits are great.

Posted by guest, May 08, 2008 10:02PM

more lay offs at Morgan Stanley next week....i hear Merrill has placement company in the wings

Posted by guest, May 09, 2008 7:51AM

Due to recent and impending layoffs, we are no longer accepting applications for lap dancing jobs from women with a bra size less than 36C. Some positions exist for 34Ds, but mostly in our cowgirl department, otherwise the missionary dep't has positions available.