The aforementioned cuts at the House of Mack, which are said to have begun in part on Tuesday, are supposedly going down in equity derivatives circa now. We’ll keep you posted.
Update: Apparently it’s *all* divisions, not just equities. So that’s nice.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Professionals don’t call them “cuts”. We call them “mono-directional intellectual capital transfers”…..
~The HR Guy Who Still Has His Job
@1…and we don’t call you HR guys, we call you fucking homos
Yea…we just lost one of our reps with them a few mins ago.
BEWARE THE WIDECLOPS!
I need a wideclops, that’s top of the line
Wide eyes, busted face, and big ba-hind!
I SHOULD HAVE TAKEN THE MONEY!
- Tombs
@5 – That is awesome! Well done!
5 – here
Don’t thank me – thank Michael Jones
first year analysts got cut
@5,8
Hahahaha, Mike Jones makes the world go round!
Soon, only the ass kissers will be left in this business. More fuck ups on the way but no profit.
When does the board take out Mack the Knife….
not unexpectedly, but prime brokerage getting hit hard
How are things in Prime Brokerage …. anyone left in Client Service ??
How is back office?
EFS Tech, 2 VPs + 4 Assoc so far gone
@2, and we call guys like you fucking homophobes.
MSIM Ops taking a whacking too. Movin the work to India (is that still en vogue?)
Any news on Adv Tech ?
@5, 8, 10,
Who?
@17
We call you an “evolutionary quandary”
Michael Jones – he was appointed to Obama’s inner circle
pictured here holding TALF/TARP money:
http://blogs.sohh.com/media_check/archives/Mike-Jones%5b1%5d.jpg
Fuck it. Fire everybody, move the headquarters to Mumbai, and appoint Apu Nahasapeemapetilon CEO.
You know it’s going that direction anyway.
@20
MIKE JONES!
I worked there for long years in Tech. Let me list down whom to fire, Please listen.
fire in this order to saev yourselves
1. Paul Cherian (LN IT)
2. Bruce Liebenberg (NY IT)
3. Adam Williams (LN IT)
4. Forgot the name of the guy who runs STP IT in London. First name is Paul..the lean bastard
5. whole trades IT (email: TRHOT)
THE ABOVE FOLKS RECEIVED TRUCK LOADS OF KICKBACKS FROM INDIAN SOFTWARE VENDOR AND RUINED IT AND INNOVATION. THEY MADE LOT OF ASSOCIATES LOSE JOBS.
(EG:- SEE THE AMOUNT OF TCS ASSOCIATES SITTING IN TORONTO….NY..LON…cant they work from offshore locations ?)
FIRE THEM FIRST AND IT WILL BE CLEAN.
DO YOU WANT ME TO WRITE LETTERS TO SENATE ?
Bess, pretty sure comment #25 needs to be deleted.
@26..what is wrong with the comment ?
he is not saying some untruthful, he is simple making accusation.
Isnt that allowed ?
@26 are you from TCS getting $400 per day and loitering around our Manhattan office speaking in Telugu.
Maybe @26 was named in @25?! Is that you “lean bastard” Paul?
@25 YOU should be fired for the simple reason that your command of english indicate retardation.
The treat to the world used to be ignorant people, now it is ignorant people with University degrees or in your case a 12 month career program at bumblefuck community college.
Calgreedy
@25 YOU should be fired for the simple reason that your command of english indicates retardation.
The threat to the world used to be ignorant people, now it is ignorant people with University degrees or in your case a 12 month career program at bumblefuck community college.
Calgreedy
What about the Ops in Baltimore, the Credit Derivatives unit?
27 No its not allowed. Its OK to criticize John Mack – he’s a highly compensated public figure, part of the bargain is that he has to defend his actions to the public all the time. Not the same for some obscure person in the pit of the organization.
BTW: are you asian? You talk funny.
What about equities in Dallas? Oh, wait.
What about the Ops in Baltimore, the Credit Derivatives unit?
@33 – No am latino.
@31 – Ignorant people ? Have you tried working with TCS folks ? when your son loses his job to a TCS dimwit be prepared to bend over. Oh wait, you arent eligible to get a son..huh
MS hires Latinos?
Ops in Baltimre will be fired later today,.
Who will be untouched is douchebags in TORONTO.. TCS
How unfortunate. We issue debt, beg money, get TARP and then pay out to TCS folks sitting in Onsite locations. How very unfortunate of us.
@36
Everyone knows the curry mafia has the IT world locked down now.
Have you read anything Thomas Friedman has written in the past eight years?
will this be the last round of firm-wide layoffs in MS? Sounds naive, just want to get a sense how everybody think in terms of how far we are getting close to the bottom.
Ah, Morgan Stanley. I remember when the tech guys on the Program Trading desk tested the new system against the “test line” turned out they were connected to a live feed to the NYSE. They sent a $1BB SELL MKT basket 5 minutes before the close. Grasso calls up to ask what the hell we’re doing. The head of the desk freaked out. We took a $30MM loss that day. That place was always a crap show. If Michael Moore wasn’t such a fat obnoxious bastard I might have spilled the beans on what really went on there.
latinos spice up the industry.
Does MS hire latinos above cleaning crew grade?
mmmm…. all this latino talk makes me want to go to La Isla in the ‘boken.
Hey 41. My friend was there when that happened. I was in a different department
Circa 2006 . Right ?
Any names ? Thierry Hue was there ?
What fuck are you IT nerds doing here? go play fucking tetris. IT GO HOME, IT GO HOME.
@40, are you serious? we are far far from the bottom.
@40 I heard there is another round somewhere in May/April, if not before then…
@40- firms will continue to lay off employees en masse every quarter until the recession ends.
@24
Who?
Any news on pb? Anyone?
@50 – and then start hiring them back?
prime brokerage getting crushed, one of my buddies who got dusted said half the first years are gone and still going.
When does GS axing begin?
@45 – La Isla is the best – just can’t go in the summer because it is 100 degrees in there
Any news on pb? Anyone?
GS axes come down in early march.
There will be a round every quarter until things turn. but basically i-banks will become half the size they were in late 2007.
Too lean; didn’t Paul.
@47: “What fuck are you IT nerds doing here? go play fucking tetris. IT GO HOME, IT GO HOME.”
To quote a friend of mine who works in *IT*:
“Without IT, you would still be writing on stone tablets.”
Revenue centre people are such cocks. Hopefully the ones who don’t understand the value of technology all get RIF’d this year.
@60 fuck you
wanna have a discussion about next hot spot of finance industry will be.
Anybody has any thoughts or vision?
If you had asked me about a year ago, I would have said asset management of all sorts. People saving for retirement, in response to the idea that soc sec as we know it is going to be a non-starter and the decline in defined benefit pension plans. Not so sure now that markets have corrected.
62 I would like it to go back to a system like the old days of commercial vs. investment banking: lowest risk transactions in highly regulated public companies, with implicit government support if things go too wrong. High risk transactions carried out by private firms, where partners risk their own capital.
any word about IBD, GCM, places that matter???
and IT, I used to send my interns to bully you and make you cry, so shut up
@65 GCM at 1585 was safe
previous round was very senior focused (cost cutting), but this time sounds more like headcount focused according to a friend. some first-year analysts and some admins (cheap labor) were cut w/ few MDs if any shown the door. also a pair of senior traders in equity derivatives left on their own today to try their luck elsewhere
as a aside, last week, dinner benefit cut to $20. MS was one of the few $25/overtime dinner strongholds, now the policy says they must eat “in the office”. not sure how that works and if security has been instructed to confiscate anyone trying to leave with food in hand.
Any word on next week’s layoffs??
Seems like IT was not touched yet, but appears to be next week?!!?
@41 it was a trader on the swaps desk that f’d up…typical trader blaming IT for your idiotic decisions…need help turning on your coffee maker?
Are they finished with this round? Were 1,800 people let go? Not hearing much at MS. Unless you are in the department where people are let go you don’t know what is going on. Told just to keep your head down & keep working!
@70 Almost certain they are not done: especially with IT/Back-Office area. Not heard from anyone about RIF in IT area at this point, which means next week is most likely….
Seems to be a trend now….every quarter LAYOFF’s
In Firm Administration area. Got “staff reduced” today. Was told by the HR C…T that they had layoffs in IT today. called it widespread.
Good post #2. I agree with you!!
Good post #2. I agree with you!!
Good post #2. I agree with you!!
MS@ 1585 needs to fire every Admininstrative assistant in the S&T & IT dept. All some of them they do is surf the web, run personal errands and fuck up.
MS@ 1585 needs to fire every Admininstrative assistant in the S&T & IT dept. All some of them they do is surf the web, run personal errands and fuck up.