Morgan Stanley is said to have just cut heads from its Global Structured Products desk. Supposedly analysts were mostly spared, with VPs and above being shown the door.
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Posted by guest , Nov 18, 2008 12:20PM
Firrrst to not be laid off
Posted by guest , Nov 18, 2008 12:22PM
This is just the beginning. Wednesday is usually the lay off day of choice.
Posted by guest , Nov 18, 2008 12:23PM
thanks for the insight@2.
Posted by guest , Nov 18, 2008 12:26PM
Cuts will be massive
Posted by guest , Nov 18, 2008 12:26PM
I am shocked - shocked - that there would be any layoffs in Structured Products. Do these banks have no loyalty?
Who were the engines of growth for all of the investment banks the last 5 years? The Structured Product desks, that's who! And now to be shown the door like this? That's gratitude for ya.
Posted by guest , Nov 18, 2008 12:26PM
what happened to Monday being the prime layoff day?
Posted by guest , Nov 18, 2008 12:26PM
can't wait till ib gets the can
Posted by guest , Nov 18, 2008 12:28PM
Loyalty is only as good as next quarter's earnings.
Posted by guest , Nov 18, 2008 12:29PM
Yeah, saw some of these MS dudes screaming outside the building in Boston.
Posted by guest , Nov 18, 2008 12:30PM
It's always better to fire people on a Friday. Studies have statistically shown that there's less chance of an incident if you do it at the end of the week.
Posted by guest , Nov 18, 2008 12:31PM
Do you mean Anal-ysts were mostly spread.....and VP's above the heads?
Am dyslexic today
Posted by guest , Nov 18, 2008 12:32PM
it could be worse
you could be a lawyer whose total pay is half of an IB's base pay.
http://endofesq.com/?p=540
Posted by guest , Nov 18, 2008 12:33PM
We find it's always better to fire people on a Friday. Studies have statistically shown that there's less chance of an incident if you do it at the end of the week.
Posted by guest , Nov 18, 2008 12:34PM
what happened to Monday being the prime layoff day?
Posted by guest , Nov 18, 2008 12:34PM
Does anyone know if there's been any layoffs at FrontPoint, Morgan Stanley's hedge fund?
Posted by guest , Nov 18, 2008 12:36PM
@10 Always funny office Space reference.
Its a jump to conclusions mat.
Posted by guest , Nov 18, 2008 12:38PM
Where am I going to get my daily fix of Mezza Tranche CDOs now ??
I'm sure Goldman will still gladly sell me this shit.
Posted by guest , Nov 18, 2008 12:39PM
@11- associates and analysts were kept and they fired everyone VP and above.
Posted by guest , Nov 18, 2008 12:41PM
This is not the right place, but does anyone else think Dennis Kneale in the Office Depot interview looks like Randy Quaid in Christmas Vacation?
Posted by guest , Nov 18, 2008 12:44PM
structured products? what are those?
Posted by guest , Nov 18, 2008 12:44PM
@11/18 Awesome. I like those firings.
Posted by guest , Nov 18, 2008 12:47PM
Is MS the absolute last person to get rid of their Structured Products desk? Even RBS got rid of theirs a year ago.
Posted by guest , Nov 18, 2008 12:55PM
ms calls their mbs/abs/cmbs/cdo group securitized products, not structured products. so i think this is referring to another area entirely (e.g. range accrual notes)
Posted by guest , Nov 18, 2008 12:56PM
hows that NYFIDCOLL group doing??
Posted by guest , Nov 18, 2008 12:59PM
I want to know what Charlie Gasbag has got on this story
Posted by guest , Nov 18, 2008 1:01PM
@13-- incidents? you mean shootings?
Posted by guest , Nov 18, 2008 1:02PM
@25- i'm sure he'll make up some 'breaking news' bull shit by the end of the day.
Posted by guest , Nov 18, 2008 1:05PM
Nice one @24. That caused a few laughs.
What is NYFIDCOLL? Ha Ha Ha.
Posted by guest , Nov 18, 2008 1:22PM
Now this is going to get good!!!!
NY ATTY GEN CUOMO COULD SEEK "CLAWBACKS" OF PAST WALL STREET BONUSES-CNBC
NY ATTY GEN CUOMO COULD INVESTIGATE BONUSES BELOW TOP EXECTIVE LEVEL-CNBC
Posted by guest , Nov 18, 2008 1:23PM
@25
can't be as good as the next - always insightful and highly in-depth - Haines commentary
Posted by guest , Nov 18, 2008 1:26PM
Office Space references always make for a good day... Barney Franc is a no talent ass clown
-there is no paper jam
Posted by guest , Nov 18, 2008 1:27PM
@29
Now that sir, is unbelievable.....
EVERYONE RUN FOR THE DOOR!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Posted by guest , Nov 18, 2008 1:31PM
trust me, if there is no iron mountain box next to your desk you are good.
Posted by guest , Nov 18, 2008 1:32PM
agree. Haines is the biggest d-bag on CNBC. heave 'em
Posted by guest , Nov 18, 2008 1:32PM
is Wednesday layoff day? or Thursday? MS people? anyone?
Posted by guest , Nov 18, 2008 1:32PM
@ 29 The party is over!!!
Posted by guest , Nov 18, 2008 1:36PM
what about the branch offices? Anything going on there?
Posted by guest , Nov 18, 2008 1:37PM
what about the branch offices? Anything going on there?
Posted by guest , Nov 18, 2008 1:37PM
what about the branch offices? Anything going on there?
Posted by guest , Nov 18, 2008 1:37PM
what about the branch offices? Anything going on there?
Posted by guest , Nov 18, 2008 1:37PM
what about the branch offices? Anything going on there?
Posted by guest , Nov 18, 2008 1:37PM
branch offices are hiring, in compliance anyway
Posted by guest , Nov 18, 2008 1:38PM
what about the branch offices? Anything going on there?
Posted by guest , Nov 18, 2008 1:40PM
Is Global Structured Products the same as Global Capital Markets? What is happening on that front
Posted by guest , Nov 18, 2008 1:57PM
Any word on Frontpoint?
Posted by guest , Nov 18, 2008 1:57PM
Whats the point in firing VPs and above while leaving all the junior people?
The senior guys generate all the business (granted none to be had right now).
I suspect the junior guys will be shown the door soon under the guise of "lack of revenue generation capabilities".
Posted by guest , Nov 18, 2008 2:12PM
Senior gets paid more. duh.
Posted by guest , Nov 18, 2008 2:13PM
Senior gets paid more. duh.
Posted by guest , Nov 18, 2008 2:17PM
46 You can bet that if its a senior guy thats generating business, he'll still be around. You must not work on WS - the dirty secret is that not all of them are as useful as you might think. A lot of them are convincing management to bet on the come - that is, they'll bring in business soon, these things take time. This is the year that firms loose patience with that argument.
Posted by guest , Nov 18, 2008 2:30PM
@ 37, 38, 39, 40, 41 & 43: Calm down brother: you time is near. No need to overflow the board.
Posted by guest , Nov 18, 2008 2:31PM
Lot of divorces coming.....
Posted by guest , Nov 18, 2008 2:32PM
And then the heads take how many millions in raise/bonus which could have been used to save more than a few jobs
Posted by guest , Nov 18, 2008 2:42PM
These days any day could be layoff day and trust me, today is only the beginning. In typical Morgan fashion, just before the holidays. As for loyalty, that went out the door many moons ago. As for the analysts not being RIF'd this round they better hold on to their seats, they are considered the "new talent" (I say that lightly) who are going to keep the firm afloat. They will actually have to earn their keep. Morgan has succeeded in shedding it's depth. Weigh anchor because the Mother Ship is sinking!!!!
Posted by guest , Nov 18, 2008 2:42PM
These days any day could be layoff day and trust me, today is only the beginning. In typical Morgan fashion, just before the holidays. As for loyalty, that went out the door many moons ago. As for the analysts not being RIF'd this round they better hold on to their seats, they are considered the "new talent" (I say that lightly) who are going to keep the firm afloat. They will actually have to earn their keep. Morgan has succeeded in shedding it's depth. Weigh anchor because the Mother Ship is sinking!!!!
Posted by guest , Nov 18, 2008 2:47PM
50 sorry, didnt think the post went through.. I was hacked in June from ms
still no job
Posted by guest , Nov 18, 2008 2:54PM
55:
What group did you work in?
Which groups specifically are these cuts affecting?
So the associates got spared - to do what exactly??
Posted by guest , Nov 18, 2008 3:42PM
What about FrontPoint?
Posted by guest , Nov 18, 2008 3:43PM
55 gwm it was called then, i worked in for 16 yrs
Posted by guest , Nov 18, 2008 3:44PM
55 gwm it was called then, i worked in for 16 yrs
Posted by guest , Nov 18, 2008 3:44PM
55 gwm it was called then, i worked in for 16 yrs
Posted by guest , Nov 18, 2008 3:44PM
55 gwm it was called then, i worked in for 16 yrs
Posted by guest , Nov 18, 2008 3:44PM
55 gwm it was called then, i worked in a branch office for 16 yrs
Posted by guest , Nov 18, 2008 3:45PM
laid off bankers are totally fucked.
employed are fucked too but to a lesser extent
Posted by guest , Nov 18, 2008 3:56PM
#58 through #62
You are no longer allowed to post on here. please exit. there's a reason why you no longer have a job.
Posted by guest , Nov 18, 2008 4:03PM
64 sorry no need to be nasty
Posted by guest , Nov 18, 2008 4:07PM
These guys will NOT find new jobs in Investment Banking or at a hedge fund.
They can get jobs at fortune 500 companies but their pay will only be $65-$75k a year.
Truely fucked.
Posted by guest , Nov 18, 2008 4:31PM
An end of an era. I should have taken my counselor's advice and sold drugs.
Posted by guest , Nov 18, 2008 4:33PM
Does anyone know about MS low cost and low seniority emploees (finacial analysts) that works for MS? Van Kampan funds?
Posted by guest , Nov 18, 2008 4:33PM
Does anyone know about MS low cost and low seniority emploees (finacial analysts) that works for MS? Van Kampan funds?
Posted by guest , Nov 18, 2008 4:35PM
Does anyone know about MS low cost and low seniority emploees (finacial analysts) that works for MS? Van Kampan funds?
Posted by guest , Nov 18, 2008 4:37PM
Although I'm sensing an amazing level of panic here, I've yet to see a significant decline in real estate prices in NY. Maybe the sellers are still in denial.
Posted by guest , Nov 18, 2008 4:44PM
I am the Mother of a finacial analyst. I need to know from ANYONE out there know who who will saved or fired? Is anybody safe at MS......
Posted by guest , Nov 18, 2008 4:45PM
I am the Mother of a finacial analyst. I need to know from ANYONE out there know who who will saved or fired? Is anybody safe at MS......
Posted by guest , Nov 18, 2008 4:45PM
I am the Mother of a finacial analyst. I need to know from ANYONE out there know who who will saved or fired? Is anybody safe at MS......
Posted by guest , Nov 18, 2008 4:46PM
I am the Mother of a finacial analyst. I need to know from ANYONE out there know who who will saved or fired? Is anybody safe at MS......
Posted by guest , Nov 18, 2008 5:02PM
the prices will tank starting Feb after the dismal reality sets in.
Posted by guest , Nov 18, 2008 5:03PM
Tomorrow rates get whacked...and the whackings continue through next tuesday...joy
Posted by guest , Nov 18, 2008 5:12PM
can anyone help my son? he is a nice boy; pay no attention to the ass bleeding.
Posted by guest , Nov 18, 2008 5:22PM
mack the knife
Posted by guest , Nov 18, 2008 5:29PM
A friend in IB expense management says QDS in equities and rates and SPG (what's left of it) are the main focus
Posted by guest , Nov 18, 2008 6:06PM
this blog needs to upgrade their server -- people are posting replies and it takes forever to post thus multiples of the same reply.
Posted by guest , Nov 18, 2008 7:36PM
@81 and we all know this so how fucking stupid do you have to be....I realize operating that strange machine is difficult but you're gonna have to learn, the ones at Starbucks are much more complex.
Posted by guest , Nov 18, 2008 7:46PM
@75:
Perhaps you should post your question a few times more, you know, because bank executives are actively monitoring this forum and advise you on who's going to get fired, and when.
Posted by guest , Nov 18, 2008 9:52PM
OK, MS GWM HR here.
It has been a busy day yesterday , we didnot fire anyone yet but we have the lists ready.
I see lot of stupid posts here on why VP and above and why not Analysts.
This is a COST CUTTING exercise...the management wants to survive the next 2 months...the management doesnt think the long term business strategy nowadays.
So what we do is, for example, take the employee list by department in an XL, sort in descending MONTHLY SALARY. Highest has the most risk of being fucked out.
Simple !!!
Dont think we discuss a lot here...past performance etc is BS. We just cut the highest paid and get over with it. MAck will then say..."we are going to have $250 cost savings...our franchise is strong...my dick is strong etc ..."
I feel sorry for the folks who got fired and who are next in line. I feel sorryu for myself that I am doing this shit work. I just posted here to give some perspective.
Posted by guest , Nov 18, 2008 10:03PM
@ 84 is clearly not MS GWM HR. I know of several individuals that where shown the door earlier this morning.
Posted by guest , Nov 18, 2008 10:07PM
Oh yeah, another thing I'm hearing 3 weeks for every year... haven't heard how the bonus are handled.
Posted by guest , Nov 18, 2008 10:46PM
too sad, didn't read.
Best of Luck,
Tanned Banker
Posted by guest , Nov 19, 2008 12:13AM
MSIM is said to be firing people this Thursday.
Posted by guest , Nov 19, 2008 6:58PM
Here's the scoop from today on 5th/6th floors within Equities Sales & Trading and Research. Cuts were across the board. Everything from Analysts from 07 class to Managing directors. The timing of this is not only with the Financial crisis but's MS's "cash 2.0" strategy for long-term planning of the equity trading business. Derivs (index arb and var swaps) not hurt because growing businesses (up 300% this yr)...The biggest movings were in ETFs which is being swallowed by swaps. Structured products got ripped (who wants to do OTC exotic derivs now??) and research made cuts as well. The cuts were global, I think more in EU for certain desks and prop desks shutting down to reduce the firm's VAR and leverage. As for mommy's question about her analyst kid....he'd better be in the 95%th percentile on evals....or have really soft lips
Posted by guest , Nov 19, 2008 10:02PM
@ 84 is def not GWM HR. Many GWM employees were fired yesterday. IED today, PB/MSIM/Ops tomorrow.
@89 Derivs traders were actually cut today. Nothing massive but there were cuts. Where are YOU getting your info?
Posted by guest , Nov 19, 2008 10:05PM
Also, @ 24 and @ 28. NYFIDCOLL is NY Fid Collateral, an ops group. No one has been cut there yet, so this person last week was also making shit up.
Posted by guest , Nov 20, 2008 12:38AM
the NYFIDCOLL group is lazy
Posted by guest , Nov 20, 2008 12:11PM
Bunch of IT equity people got the axe today - no girl in black boots in sight.
Posted by guest , Nov 20, 2008 1:41PM
MS in Asia just laid off a lot of ppl.
Posted by guest , Nov 20, 2008 7:17PM
Regional Managers (retail branches) just got the word to cut every broker under 2500m at the end of the month. If your under that boggie...better start looking and take the check while you can.
Posted by guest , Nov 20, 2008 7:17PM
Regional Managers (retail branches) just got the word to cut every broker under 2500m at the end of the month. If your under that boggie...better start looking and take the check while you can.
Posted by guest , Nov 20, 2008 7:18PM
Regional Managers (retail branches) just got the word to cut every broker under 2500m at the end of the month. If your under that boggie...better start looking and take the check while you can.
Posted by guest , Nov 20, 2008 7:20PM
That is $250,000
Posted by guest , Nov 20, 2008 9:02PM
they stopped ordering paper cups and told us to bring mugs at my branch
-WORLDWISE
Posted by guest , Nov 20, 2008 10:43PM
They cut IT people, today. Eleven on my floor (IED). I know of three in fixed income. We were told the usual bullshit. Market is bad and etc.. This was the third cut this year. I think next quarter we will have the same.
Posted by guest , Nov 21, 2008 10:53AM
I'm the spouse of someone who just got laid off today, and I just want to say that it's DESPICABLE the way they dragged it out, letting rumors fly for WEEKS, with no announcements, no preparation of their employees what's to come. At least the guys at Goldman got a letter saying that the cuts were coming, and what DAY to expect it. Here, it just got dragged out for weeks on end, the rumor mill swirling with speculation, seeing higher ups get the axe, with no word on when it's their time. AND TO DO THIS RIGHT BEFORE THE FUCKING HOLIDAYS. Idiot HR folks are calling it a "cost cutting" mission, but they could've at least done it with a bit more class, given their employees a bit of notice before laying them off, instead of WEEKS of rumors amongst themselves. Go fuck yourself management!
Posted by guest , Nov 21, 2008 10:54AM
I'm the spouse of someone who just got laid off today, and I just want to say that it's DESPICABLE the way they dragged it out, letting rumors fly for WEEKS, with no announcements, no preparation of their employees what's to come. At least the guys at Goldman got a letter saying that the cuts were coming, and what DAY to expect it. Here, it just got dragged out for weeks on end, the rumor mill swirling with speculation, seeing higher ups get the axe, with no word on when it's their time. AND TO DO THIS RIGHT BEFORE THE FUCKING HOLIDAYS. Idiot HR folks are calling it a "cost cutting" mission, but they could've at least done it with a bit more class, given their employees a bit of notice before laying them off, instead of WEEKS of rumors amongst themselves. Go fuck yourself management!
Posted by guest , Nov 21, 2008 10:54AM
I'm the spouse of someone who just got laid off today, and I just want to say that it's DESPICABLE the way they dragged it out, letting rumors fly for WEEKS, with no announcements, no preparation of their employees what's to come. At least the guys at Goldman got a letter saying that the cuts were coming, and what DAY to expect it. Here, it just got dragged out for weeks on end, the rumor mill swirling with speculation, seeing higher ups get the axe, with no word on when it's their time. AND TO DO THIS RIGHT BEFORE THE FUCKING HOLIDAYS. Idiot HR folks are calling it a "cost cutting" mission, but they could've at least done it with a bit more class, given their employees a bit of notice before laying them off, instead of WEEKS of rumors amongst themselves. Go fuck yourself management!
Posted by guest , Nov 21, 2008 11:19AM
WOW ! This wife is really pissed. Guess it's time to get off her fat stay at home ass and get a job. Better get some $$$ rolling in because hubby 'aint gettin' a job any time soon.
Posted by guest , Nov 21, 2008 11:23AM
yeah, so angry. Maybe shes bangin the pool boy and thats gotta stop now.
Posted by guest , Nov 21, 2008 12:12PM
what if the spouse is a dude and not a chick...*ponders thought* ... Nahhhh forget it
Posted by guest , Nov 21, 2008 12:25PM
106 Dudes can bang pool boys too.
Posted by guest , Nov 21, 2008 1:01PM
@101....sorry for the layoff. This is typical MS style. Zero class and they send out the HR Trollops who enjoy being on top for the first time in their sorry ass lives.....
Posted by guest , Nov 21, 2008 1:09PM
investment banking is going today. Associate through md so far - 4 heads in mediacomms.
Posted by guest , Nov 21, 2008 1:10PM
@103--if your bra size is 34C or better, let me know.
@108-the trollops still have a job, benefits and bonus, so, dont go saying stuff about who is stupid.
hahahaha......lots of milfs gonna be available this holiday season.
Posted by guest , Nov 21, 2008 1:12PM
investment banking is going today. Associate through md so far - 4 heads in mediacomms.
Posted by guest , Nov 21, 2008 1:38PM
I heard FrontPoint had their cuts yesterday, so they were not immune to this.
Posted by guest , Nov 21, 2008 1:41PM
... lots of milfs gonna be available this holiday season. ...
Not to you, @110. You'll still have to take matters into your own hands.
Posted by guest , Nov 21, 2008 3:15PM
In typicall MS style, the trollops get cut at the end. Senior trollop says "Nice job girls"... I need to talk ot you in private for a moment....
Posted by guest , Nov 21, 2008 3:37PM
@114, They just look at them and say "Nice Job, Trollops, now don't let the door hit YOU on the ass on the way out....and Becky....Nice Fuck Me Boots!"
Posted by guest , Nov 21, 2008 6:22PM
well the funny part is that once everyone has been layed off... there wont be a need for all those HR people that surf the net all day either. They will get canned also. HAAHHA
world wise
Posted by guest , Nov 21, 2008 9:07PM
well....this round of layoffs completed
But when is next?!?! I hope never!!
Posted by guest , Nov 21, 2008 9:46PM
Nope, there are more comming next week for some of the Bu's that haven't been hit yet.
Posted by guest , Nov 21, 2008 9:48PM
Now the re-org's will start and then there will be a "clean up" round if not in December then in January
Posted by guest , Nov 22, 2008 6:18AM
Bess, why are the JP Morgan Layoffs on the "backpage"? They will continue thru next week.
Posted by guest , Nov 22, 2008 7:36AM
Wall Street was way overpaid - time to join the real world. There may be a few people who can be called "Talent" - very few. The rest of you think that you had talent. It was easy to make money when the market was climbing but you never saw the end coming. Talent saw the bubble.
MS took 10 billion in TARP money so you are playing by new rules. No bonus.
Posted by guest , Nov 22, 2008 8:02AM
115
Those are FU boots.
Posted by guest , Nov 22, 2008 10:12AM
Speaking of loyalty: Does it ever occur to higher-up's instead of laying people off, cut everyone's salary by say 10%....
and keep all of their people in place...???
Posted by er666 , Nov 22, 2008 11:48AM
@120- do you know how a blog works? stories are put up as they happen, and get pushed down the page.
Posted by guest , Nov 22, 2008 2:06PM
Good point - b/c if u think about it, the base salary is so low for most people they could easily sustain everyone for a long time w/o massive layoffs. All the a**holes r just looking at others to see how they can get the other out so the one left standing can get a bigger bonus
Posted by guest , Nov 22, 2008 2:23PM
125
I can see that MS is one big family.
Posted by guest , Nov 22, 2008 7:50PM
Has anyone noticed that these cuts came before November 30th (end of fiscal year, and bonus qualification day). Has anyone else noticed that reviews were pushed back to '09. So people getting laid off can't see that they did a good job. I saw some really top performers get laid off -- it would have made sense to shift the talent to other areas and get rid of the shit, but MS management has no balls and no brains.
Posted by guest , Nov 23, 2008 1:34AM
@127 your're dead right, the feeling is that this is all timed so that is ends up on this years books and can save some money to put towards the big boys bonuses. Although if the we don't see a decent 1st quater results next year I suspect we may see more layoffs in april/may. The little people (my collegues and I) who are costs and not revenue generating are being told we're getting nothing, not even a beer at the end of the year to say thanks for the long days and lost weekends with the family. Boo Hoo I know! The feeling is that they are desperate to give themselves tidy bonuses. I wonder how much tax they're going to claim back for the "charitable donation" that was supposed to fund the christmas parties and where that's earmarked to end up. It was explained to me long ago that MS is not a democracy it's a meritocracy, but only if your in the top tier it seems. It doesn't mean anything anyway, if the share price keeps falling we'll be a "C" in no time and the last one to leave has to turn the lights off. The climate of fear in house is huge and the trust of the management from even the most ardent believer is waning. If anyone from HR or management is watching (and i'm sure they are), these are the beliefs of the people under the stairs and do not represent the views of MS or the management...yep I'm scared too. Wish i had a skill that was in demand right now...anyone need a gardener?
Posted by guest , Nov 23, 2008 6:40AM
MS has prided itself on internal communications the last few months (John Mack seemed to have made a video appearance every other day). However, where did you first hear about the layoffs? Through the newspaper when Colin made the announcement at an industry event (I think at JP Morgan). An internal memo or town hall video never went out telling anyone to prepare for layoffs. Because they're chickenshit assholes.
From what I saw this week it looked like a lot more than a 10% headcount reduction. Though it might have been 10% of salaries which is a lot more than 10% of people.
I fear MS is going to be another Lehman.
Posted by guest , Nov 23, 2008 9:16AM
ms's prime brokerage unit got annihilated on friday
Posted by guest , Nov 23, 2008 10:18AM
@127, 128. Bonuses were included in the departure packages as a percentage of base pay
Posted by guest , Nov 23, 2008 10:51AM
A lot of intellectual property walked out of the doors last week from MS. What Management don't seem to realize (or maybe they do!) is that some of these people know intimate details of how things work (warts and all) at MS, not sure Management would want these people talking to the press let alone the Fed.
Posted by guest , Nov 23, 2008 3:29PM
@131 well they're getting more than the underlings that are still there, who have been told their bonuses are nought and it's likely their base salaries flat(which would be ok if you're an officer but under that it's sh1t). Comp day is going to be a quick and depressing affair...a bit like this thread, apart from the quick part.
Posted by guest , Nov 23, 2008 4:17PM
The so-called bonus people got as severance was next to nothing. First year people who were fired and had (if any?) the promised oral bonuses got screwed. If memory is right first year for new hires is one of those promise things in case of times like this.
Yeah, Friday was bad for PB. Very bad. They got decimated. I'm guessing that too many clients are leaving or have gone out of business to justify this business line.
Posted by guest , Nov 23, 2008 4:23PM
PB probably will never be the profitable business it once was at MS. What major hedge fund wants to put all eggs in one basket? And rumor has it they are shying away from fixed income/derivative business. How will they make dough off the mom and pop equity long/short folks?? I suspect more layoffs in PB early next year.
Posted by guest , Nov 23, 2008 8:16PM
In three years we can all get together and remember the good old days when we would get drunk together on Friday's on Bear's,Merril's, Lehman's, Morgan Stanley's and Goldman's dime.
Posted by guest , Nov 24, 2008 7:56AM
The sad part is MS was warned by their risk team that they were rigging their numbers. In the end they fired the people who raised the issue. Had they listened they would have come out on top and the employees and shareholders wouldn't be suffering so much now. Hopefully a full investigation and accounting will occur in the near future and those responsible can be marched out of the building in handcuffs....
Posted by guest , Nov 24, 2008 8:31AM
Mack has said before in his Open Forums that his door is open for people to escalate issues and highlight things which don't fee right. Why is it then when do people challenge things and highlight problems they get told their services are no longer required? How long will this BS last?
Posted by guest , Nov 24, 2008 8:37AM
PB cut their entire fixed income prime brokerage business on Friday. They are too scared of risk to take on anything except equity long/short funds.
And since no one wants to leave their excess balances of stock or cash there... I agree it's not a pretty picture going forward.
Posted by guest , Nov 24, 2008 10:13AM
@138
The things happening to MS are simply their corrupt practices coming home to roost. They will fail to exist as an independent bank this year next time. They either merge or die, either way the long suffering shareholders will get put out of their misery...
Forget the open door policy. It is a trap to catch and fire anyone unwilling to turn a blind eye to the corruption there.....
Posted by guest , Nov 24, 2008 10:31AM
@140 Why is their share price going up this morning? Why are investors, clients and the gov turning a blind eye?
Posted by guest , Nov 24, 2008 10:35AM
@141 Investors and clients don't care as long as they are making money. As for the government, Mack and MS own it all. You may have noticed that Mack suspended short sales completely with a couple phone calls. That, my friend, is power!
Posted by guest , Nov 24, 2008 12:32PM
@142 His luck will surely run out one day?
Posted by guest , Nov 25, 2008 8:14AM
141
The stock is 13.38, 52wk Range: 6.71 - 55.39. Any lower and you would be Citicorp.
Posted by guest , Nov 25, 2008 9:22AM
@144 - you are an idiot if you look at the 52 week range. In case you haven't realized, the world changed in the past two months and even GS is trading in the low 60's.
Posted by guest , Nov 25, 2008 11:01PM
145
Why should you be able to ignore your failures of the past year? You don't get a clean slate just because you changed to a bank & begged for a bailout.
Incompetence and outright deception brought the company down. It is the MS ball & chain - hopefully in the literal sense.
Posted by guest , Nov 26, 2008 1:18AM
Any word on the retail registered client service associates and their strategy to lay them off?
Posted by guest , Nov 26, 2008 9:45PM
Hearing there is going to be a massive round of layoffs in many departments in Morgan Stanley on Monday.
Happy Thanksgiving Aholes!
Posted by guest , Nov 27, 2008 2:02PM
@148 Where did you hear that from?
Have they not caused enough people to lose their jobs already. Interesting that there is nothing in the news about the Execs at MS forgoing their pay or bonuses!
Posted by guest , Nov 27, 2008 8:38PM
The fiscal year ends Sunday. It wouldn't make any sense to wait to do massive layoffs on Monday.
Posted by guest , Nov 28, 2008 7:32AM
@150 There will be two fiscal year ends this year because of the status change to a bank holding company. The next fiscal year end will be end of December.
Posted by guest , Nov 28, 2008 6:37PM
@ 151 -- would the fiscal year end of sunday be a possible reason as to why i haven't received a definitive answer yet as to the status of my final round interview? i interviewed with MSIM about 3 weeks ago
Posted by guest , Nov 29, 2008 11:19AM
Changing to a bank holding company doesn't have any impact on when the fiscal year ends. Morgan Stanley closes its books for the year on Sunday.
Posted by guest , Nov 29, 2008 4:39PM
Unfortunately you are wrong. Please check your facts. MS have to have a 1 month fiscal year for december to enable them to change their year end to Jan - Dec next year. This is all because of the bank holding status.
Posted by guest , Nov 29, 2008 6:10PM
Wow, I can only imagine what kind of massive asset writedowns and loss provisioning MS and GS are planning to run through the I/S during the lost month of December 2008.
Posted by guest , Nov 29, 2008 10:29PM
Heard from a reliable source that there will be a huge round of layoffs next week. I guess some bosses didn't want to spoil people's thanksgiving!
Posted by guest , Nov 30, 2008 1:51PM
There's no regulation requiring a bank holding company to have January to December fiscal year. Where do people come up with such nonsense?
Posted by guest , Dec 01, 2008 1:16AM
156 = full of shit
Posted by guest , Dec 01, 2008 7:51PM
No layoffs Monday. No chatter of any coming this week. These people with "reliable sources" are unemployed jack offs sitting in their basements posting her in between internet porn.
Posted by guest , Dec 03, 2008 9:37AM
My buddy was laid off less than two weeks ago from IT. One month for every year worked, 15% of last year's bonus.
Posted by guest , Dec 04, 2008 2:51PM
try 3 weeks for every year work and 15% of last year's bonus - mother f'ers.
Posted by guest , Dec 04, 2008 8:11PM
They announced today that promotions will be announced Monday. Comp day is December 16. So you get promoted, get to be happy for a week, then find out your salary is not going up and your bonus is down 50%.
Posted by guest , Dec 05, 2008 7:06AM
@161 and Max 21 weeks!
Posted by guest , Dec 05, 2008 4:39PM
Does anyone know what is Bonus going to look like more like down 50%?
Posted by guest , Dec 05, 2008 6:26PM
You've only got to wait 11 days to find out first hand. You'll know soon enough.
Posted by guest , Dec 06, 2008 8:52AM
Many of those promoted this week will be receiving zero bonus. They will be told the promotion and their increased future earning potential, is their bonus this year.
Giving someone a title is a cheap way to pay people.
Posted by guest , Dec 07, 2008 12:51PM
Bonus numbers are looking like:
Revenue producers on their game: 70%
Revenue producers not: 40-50%
IT/Ops: 10% if they are lucky unless you are on someone of power's critical path.
Posted by guest , Dec 07, 2008 1:51PM
Assuming you get 2 weeks pay for every year, would it be prorated if you have been at MS less than a year?
Posted by guest , Dec 08, 2008 2:23PM
Almost no promotions in equity sales or research. So much for paying people with titles. Looks like it's just ass rape everyone in as many different ways as they can come up with.
Posted by guest , Dec 09, 2008 2:30AM
@169 Sorry dude, the captains of industry, in a drunken orgy of greed, killed the goose that laid the golden eggs, fried it up and ate it. After licking their fingers clean they realized what they had done and now everyone pays the price.........
Posted by guest , Dec 09, 2008 2:30AM
@169 Sorry dude, the captains of industry, in a drunken orgy of greed, killed the goose that laid the golden eggs, fried it up and ate it. After licking their fingers clean they realized what they had done and now everyone pays the price.........
Posted by guest , Dec 09, 2008 2:30AM
@169 Sorry dude, the captains of industry, in a drunken orgy of greed, killed the goose that laid the golden eggs, fried it up and ate it. After licking their fingers clean they realized what they had done and now everyone pays the price.........
Posted by guest , Dec 09, 2008 12:28PM
can someone let me know pb #s (client service)
Posted by guest , Dec 09, 2008 5:08PM
MS still has a PB department? If so, why? Are there any PB clients left?
Posted by guest , Dec 10, 2008 9:53PM
Yes, all of the PB clients that left are returning. They realized the rest of the market is just as fucked up so they might as well stick with the guys that have the best service.
Posted by guest , Dec 20, 2008 2:30AM
The rumor has it that the next round of layoffs are in the middle of february.
Posted by guest , Dec 29, 2008 2:41PM
I've heard similar. Whispers are there could be another 15-20%.
Posted by guest , Dec 31, 2008 11:33PM
I heard from 3 sources about the coming layoffs in February. They want to reshuffle people. Fire senior people and put junior people in their chairs. After the last round of firing, the next day students from the training program were hired and took the places of the fired people. MS is now a discrimination place.
Posted by guest , Jan 01, 2009 4:47PM
#173 PB cut about 35% of staff (all levels). The people left running MS PB are so incompetent, it's a joke. It's a matter of time before the clients who haven't left yet will leave and the ones that returned, realize that the services they thought were so great won't be going forward. Management has this idea that they should hire people right out of college (so they can pay them less than experienced Wall Street employees) to deal with hedge fund clients. Keep up the good work Davis, Rubin and Buck!
Posted by guest , Feb 04, 2009 9:35AM
Does MS keeps e-mail accounts after firing people? Because I have been told that someone I had sent a CV has been fired but I have sent him an e-mail and I did not receive any "user unknown" message, so I guess he is still employed?
Posted by guest , Feb 04, 2009 9:37AM
Does MS keeps e-mail accounts after firing people? Because I have been told that someone I had sent a CV has been fired but I have sent him an e-mail and I did not receive any "user unknown" message, so I guess he is still employed?