• 21 Jun 2011 at 11:04 AM

Layoffs Watch ’11: Morgan Stanley (Update)

Cuts have been going down this morning at the House of Gorman.

Apparently “a lot” of people were axed today at Morgan Stanley, with cuts occurring “across the board, not just bad FAs, as was previously assumed. Fixed income and equity areas have gotten the boot as well.”

That’s all we know at this time; if you have anything else to add, don’t be a stranger.

UPDATE: According to spokesman Mark Lake, “we have no plans for cuts in our institutional securities business (IBD, FID or equity).”

120 comments (hidden to protect delicate sensibilities)
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Comments (120)

  1. Posted by guest | June 21, 2011 at 3:16 PM

    So how’s Wideclops looking these days?

  2. Posted by Guest | June 21, 2011 at 3:25 PM

    Ug. So gross. Sorry kids.

  3. Posted by guest | June 21, 2011 at 3:27 PM

    You misspelled “Goldman Sachs.”
    - guy who watches FBN

  4. Posted by Peep Show Manager | June 21, 2011 at 3:28 PM

    All the vast intellectual capital at MS results in layoffs?

  5. Posted by guest2 | June 21, 2011 at 3:29 PM

    …and so it begins…..

  6. Posted by Guest | June 21, 2011 at 3:29 PM

    bad things happening to good people…

  7. Posted by J. Mack | June 21, 2011 at 3:38 PM

    There’s blood in the water…

  8. Posted by AsdfsdfW | June 21, 2011 at 3:42 PM

    How about wealth management?  They seeing cuts (hoping my job isn’t gone)

  9. Posted by Art Vandelay | June 21, 2011 at 3:44 PM

    …..double dip.

  10. Posted by Blabbermouth | June 21, 2011 at 3:51 PM

    wouldn’t you know, dummy?

  11. Posted by Guest | June 21, 2011 at 3:58 PM

    “UPDATE: According to spokesman Mark Lake, “we have no plans to make cuts in fixed income or equities today or in the future.””
    lies, lies and more lies

  12. Posted by Anon | June 21, 2011 at 3:58 PM

    “According to spokesman Mark Lake, “we have no plans to make cuts in fixed income or equities today or in the future.””

    I take some issue with that statement, considering I’m a fixed income trader who was cut…today.

  13. Posted by Duh | June 21, 2011 at 4:02 PM

    Happy summer.

  14. Posted by Silver Lining | June 21, 2011 at 4:02 PM

    Thats pretty sh*tty man. In the end do you really want to work at a place like that than?
    Good Luck to you.

  15. Posted by CurrencyTrader | June 21, 2011 at 4:04 PM

    Hey well look on the bright side…there is always money in the banana stand.

  16. Posted by Guest | June 21, 2011 at 4:23 PM

    hot as ever.

    -guy who loves a woman in boots

  17. Posted by Mmr61184 | June 21, 2011 at 4:46 PM

    Wealth mgmt hit hard left one division for a better opportunity laid off three months later

  18. Posted by Tuckhead | June 21, 2011 at 4:47 PM

    The hypercompetitive indian b-school kids are hoping to seize upon these job openings. You heard it here first…

    Dartmouth WASP

  19. Posted by Tuckhead | June 21, 2011 at 4:47 PM

    The hypercompetitive indian b-school kids are hoping to seize upon these job openings. You heard it here first…

    Dartmouth WASP

  20. Posted by Collateraldamage | June 21, 2011 at 4:49 PM

    It’s a bloody day over here. It was rumored that cuts would hit MDs and EDs, but it is also hitting the rank and file pretty hard. Executive Financial Services and Corp. Business Dev. groups were hit hard. We’re all just waiting for the ax to fall.

  21. Posted by Collateraldamage | June 21, 2011 at 4:49 PM

    It’s a bloody day over here. It was rumored that cuts would hit MDs and EDs, but it is also hitting the rank and file pretty hard. Executive Financial Services and Corp. Business Dev. groups were hit hard. We’re all just waiting for the ax to fall.

  22. Posted by guest | June 21, 2011 at 5:08 PM

    how are the severances?

  23. Posted by guest | June 21, 2011 at 5:08 PM

    how are the severances?

  24. Posted by Mmr61184 | June 21, 2011 at 5:08 PM

    Yeah I heard the same thing yesterday too they axed all non officers if they wanted to cut fat start at the top

  25. Posted by Mmr61184 | June 21, 2011 at 5:08 PM

    Yeah I heard the same thing yesterday too they axed all non officers if they wanted to cut fat start at the top

  26. Posted by Zoe_C | June 21, 2011 at 5:10 PM

    It sure has saved my lifestyle!

  27. Posted by Deadmau5 | June 21, 2011 at 5:10 PM

    You’ll be lucky to be driving a KIA after this is all said and done, let alone my honda civic..

    -UBS MD

  28. Posted by Guest | June 21, 2011 at 5:15 PM

    If in doubt, go run over a doctor so that you can get MS some good press like ML just had.  It is a double-win situation as you can convince a judge that you should never lose your job or the doctor will never be fully-compensated.

  29. Posted by guest | June 21, 2011 at 5:16 PM

    Good job growing the franchise, Jimmy

  30. Posted by Ryan Bingham | June 21, 2011 at 5:22 PM

    There are 2 kinds of financial employees:  Those who have been laid off and those who are going to be.

  31. Posted by Mmr61184 | June 21, 2011 at 5:28 PM

    Spokesman Lake: no planned cuts in institutional what a surprise cut people in wealth management the only profitable portion on the firm to make up for a shit division. So all the traders and bankers can continue to fuck the company. they can’t even hold Goldman’s or JP Morgan’s jock strap. Smithbarney should have been spun off not forced sold to that shitbag company.

  32. Posted by Guest | June 21, 2011 at 5:36 PM

    Finance is the new tech.

  33. Posted by in love with pmco avatar | June 21, 2011 at 5:36 PM

    is working in wealth management really working?

  34. Posted by guest | June 21, 2011 at 5:38 PM

    What about the IBD? Are the cuts NY only, or global?

  35. Posted by Guest | June 21, 2011 at 5:50 PM

    Getting up at 9am to eat breakfast early enough so that you’re not overly stuffed for a lunch meeting, is rough work.  Like scrubbing garbage cans.

  36. Posted by Mmr61184 | June 21, 2011 at 6:08 PM

    No IBD cuts Gorman loves them are u kidding

  37. Posted by Been There | June 21, 2011 at 6:10 PM

    Poorly run company with four conflicting cultures, Dean Witter, Smith Barney, Morgan Stanley and Merrill Lynch managed by weak legacy Morgan Stanley middle managers who are more frightened about losing their jobs then creating and generating revenue. Morgan Stanley mangement has penalized ingenuity and creativity. All the good people/management have left. If you own – sell. If you don’t  – short.

  38. Posted by Guest | June 21, 2011 at 6:58 PM

    Examine your motives!
    -Verne Troyer

  39. Posted by Wahoo | June 21, 2011 at 7:02 PM

    The files are IN the computer???

  40. Posted by DownWithOPM | June 21, 2011 at 7:28 PM

    I normally wait for the pot-smoking Bridge tourneys or the ‘Fcuk Warren’ comments before shorting. Or the ‘Let’s get the fcuk outta here’ conf calls.

  41. Posted by Blah | June 21, 2011 at 7:42 PM

    I like to mix it up: I own and short.

  42. Posted by Fmr JPM Intern | June 21, 2011 at 7:57 PM

    Man, these “bulge bracket” banks are just letting everyone go these days!!  Who can survive this market??

    -Recently fired JPM Intern/Syracuse grad

  43. Posted by Curly Tail | June 21, 2011 at 8:05 PM

    Bin liner models
    -L. Falcone

  44. Posted by deluded idiot | June 21, 2011 at 8:06 PM

    I’m irreplaceable – I put together marketing powerpoint books and was part of the analyst program. I make 180k in base and another 60k in bonus (35 cash, 25 stock). I should be fine, I think. In fact, I’m looking for a bumper bonus this year!

  45. Posted by guest | June 21, 2011 at 8:24 PM

    they fired interns 2 weeks into the program??

  46. Posted by Guest | June 21, 2011 at 8:28 PM

    I honestly thought UBS would be next up in the Layoffs watch. Go figure. 

  47. Posted by Anonymous | June 21, 2011 at 8:44 PM

    Now the great ethical quandry begins.  Should you immediately update your LinkedIn profile to reflect that fact that your end date is June 2011, or will you leave JPM as your current employer and tell future employers you are someone who is simply “growing disillusioned” with the corporate culture?  You know you will chose the latter.

    - Guy Who Feigns Moral Superiority

  48. Posted by Guest | June 21, 2011 at 8:44 PM

    Odds on UBS staying out of Layoffs watch in 2011?

  49. Posted by Blah | June 21, 2011 at 9:30 PM

    “Syracuse grad”

    That was your first mistake

    - also a Syracuse grad

  50. Posted by Mmr61184 | June 21, 2011 at 9:45 PM

    Direct quote from Forbs: An estimated 16% decline in Q2 trading revenues caused by a slowdown in fixed-income, currencies and commodities trading is forcing Morgan Stanley – the world’s largest brokerage firm – to resort to cost cutting to re-size its business and maintain.  

    Meanwhile they cut people from profitable divisions like wealth management and dont touch the trades.  Great leadership MS I give Gorman until July before he gets Axed 

  51. Posted by ArrivedAtDestination | June 21, 2011 at 10:14 PM

    >>> All the good people/management have left.

    Same Motive.

  52. Posted by Abc | June 21, 2011 at 10:37 PM

    MS does not know how to generate revenues. People are are afraid of losing their jobs more than anyhing else. They lack entreprise, not to be confused with risk taking (which is also weak). Future employees, you are not going to learn anything. Trade ideas are consistently off. All jobs are basically back office. It is not a front office bank. Investment Banking can be easily duplicated. Overall, I believe they will be a custodian bank in the future. In summary, the bank lacks talent. While people working there are nice, it is essentially a weak organization overall.

  53. Posted by Motivator | June 21, 2011 at 11:18 PM

    Gorman aksed to do what?
    - off to motives exam

  54. Posted by Guest | June 22, 2011 at 12:04 AM

    fixed income trader in retail I would assume, not the same thing

  55. Posted by AIG_Risk_Mgmt | June 22, 2011 at 12:16 AM

    So when is it happening at Goldman?

  56. Posted by Blah | June 22, 2011 at 2:07 AM

    Not soon enough.  Smarmy bastards.

  57. Posted by Been There | June 22, 2011 at 2:46 AM

    The fear that Morgan Stanley managers knew themselves has finally been revealed. It’s not what, but who you know. Legacy Morgan Stanley managers have little management skills and less motivating revenue creating ideas – they read this and simply hope that new Merrill Lynch management doesn’t uncover them – too late. You’re bleeding money and your only game plan is to layoff the people who are making money, soon the managers will have to work! Didn’t think about that one did you? It’s only a matter of time before bloated salaries of inadequate management is uncovered and dealt with. Face it – you’re losing the battle everywhere and will be only a matter of time before you turn on each other – but that’s what you do best, too bad you couldn’t apply those same skills to making, instead of losing money. Bad technology, worse integration and the worst management all the way up to Jimmy “Chuck Prince” Gorman. Bye – Bye MS

  58. Posted by Szplace | June 22, 2011 at 2:57 AM

    Sweet jakers. The banks lose their minds ever summer. 4q will improve and they will staff up again only to cut again next June/July. Rinse, wash, repeat.

  59. Posted by guest | June 22, 2011 at 3:27 AM

    3:57 was the former JPM intern who wrote the reUnion bar/pizza party email.

  60. Posted by Finn Alexander | June 22, 2011 at 3:59 AM

    Are you telling me this in an elevator or at the office?

  61. Posted by Guest | June 22, 2011 at 6:03 AM

    A- on content.  C- on execution. 

  62. Posted by Been There | June 22, 2011 at 11:08 AM

    From the beach…..

  63. Posted by Gob | June 22, 2011 at 12:26 PM

    Like a guy in a four thousand dollar suit would ever work in a banana stand. COME ON!

  64. Posted by Guest | June 30, 2011 at 3:46 PM

    Same, I’m in Equities and was cut that day.  What a moron.

  65. Posted by Guest | June 30, 2011 at 3:48 PM

    As a former employee, couldn’t say it any better.  The MSSB management is just little boys in expensive suits.  Stay away!

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