In re: the population restructuring going down at Morgan today, a little more color: first year analysts cut from IED, FID, PB are apparently receiving the following parting gifts:
90 days pay- $14,500
Severance pay- $2,300
Medical/Dental/Vision Replacement- $700
too sad, didn’t read
Add that together with unemployment, and it looks like it was worth the gamble to pass on the buyout offered last week…
Like Morgan Stanley hasn’t been terrible to parting employees before…
Anybody here surprised?
John Mack is a costcutter. That’s it. No more, no less
The severance is just enough for a luxurious one-way passage back to Ohio (or whatever god-awful rust belt wasteland they came from).
The severance is just enough for a luxurious one-way passage back to Ohio (or whatever god-awful rust belt wasteland they came from).
first year analysts made 58K base?
Medical/Dental/Vision Replacement- $700
that buys you 2 hours of schrink or 7 lapdances…
These jobs will never come back to NYC.
too sad, didn’t read
How about first years cut from IBD, GCM, ER if any?
GIve these wall street crooks nothing!
NYC will be “I am Legend” in a year, good riddance you cesspool of greed and scum!
Any update on IBD?
@12 wall street crooks? these fucking noobs didn’t steal non-dairy creamer from the breakroom, if they were there long enough to even find the breakroom. All they had time for was to get shit on by the upperclassmen, oh, and to learn nothing. except that maybe all the bullshit that the recruiters fed them was false.
8 We’ve been through this many times before and it always seemed like the world was ending. But the world didn’t end, it instead came back in some way that was impossible to predict when the thing started. If you’re caught up in it, it can be devastating or merely inconvenient, depending on where your life is at the time. So good luck to all of you, but please keep things in perspective.
things will get much worse before it recovers to about half what it was in 2007
I’m going to find some former Investment Banker Minions of Satan and run them through them with my pitchfork. Especially 1st years. The scheming bastards.
@15, 8 is right. These jobs are not coming back to NYC. The last few times didnt see the implosion of MER, BSC, and LEH. Is someone going to bring those back magically?
TO #13:
IBD – Irritable Bowel Disease?
1st year analysts or associates?
@12 I’ve been waiting for you to deliver my lunch for hours now. Get off the damn computer and back on your dirty old bike. And don’t expect a tip, either.
@12 Is that you Osama Bin laden..where have you been hiding?
@22 yeah why are their bikes so dirty. is water expensive in whatever non-manhattan borough they come in from? i kept my fucking sears dirt bike in better condition when i was 7 and i didn’t use it to support my ten kids in juarez.
@12 – Please stay in Detroit.
@12 somebody needs to give you the “20 second liberal clock”
wow how sweet is it to still be working at GS, even if it’s in crappy PWM.
The cuts will keep coming and there will be less severance. Sad.
seriously, what’s a blumpkin?
@25, did that bike have a banana seat
@31, if you have to ask, you can’t afford it.
Blumpkin = getting a BJ while you drop a duece.
Too blumpted, couldn’t kin
@34 and 31…isnt’t that a Frumpy Blumpkin?
@35, 34, and 31…I always thought it was a Frumpy Blumpkin…Bess can we have confirmation please?
Also @11 I totally agree, wtf is IED? Institutional Equities Division? That’s the only thing that would make sense.
@37- for such “what the fuck in god’s name does that acronym mean,” you sure figured it out fast.
http://www.google.com/search?q=morgan+stanley+ied&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a
@37. @11 here – I always heard of IED as “Improvised Explosive Device”, which is what I get for owning some of the jamming-device stocks.
Roman Helmet- sit on her head and dangle the berries on her face. See “tea-bag” and “WWII Goggles”
@37 – Yes, it is Institutional Equities Division.
Ouch…
The whole severance thing is like sand in an hour glass. Get out while the gettin’s good. Next round will probably be paid out in spirit points.
–
Unemployed? More than just a social network
http://www.freeagentnet.com
19…actually Kidder Peabody, Drexel and Solomon all failed as a result of the last big crisis
Trade of the Week: Short B-School, Long Bartending.
I feel every MS post should have this until situation changes.
Let me list down whom to fire, Please listen.
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 BECOME CLEAN.
There are some really good guys there too.. Richard Armstrong, All GALATEA associates. then Marc Campos. Really Really Good !
If the Weed removal exercise takes place. MS IT will emerge stronger !
IT – get back to the basement and fix my ThomsonOne!
wideclops strikes again. What was she wearing today?
45, nobody gives a fuck about IT
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.
@48, nobody may care about IT but one by one they are slowly replacing your jobs by writing very simple programs that perform better than you do. They are one of the ways that companies like MS get to perform such large layoffs. People, especially bankers, are just a liability.