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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).”

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120 Responses to “Layoffs Watch ’11: Morgan Stanley (Update)”

  1. guest says:

    So how’s Wideclops looking these days?

  2. Guest says:

    Ug. So gross. Sorry kids.

  3. guest says:

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

  4. Peep Show Manager says:

    All the vast intellectual capital at MS results in layoffs?

  5. guest2 says:

    …and so it begins…..

    • Tuckhead says:

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

      Dartmouth WASP

    • Tuckhead says:

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

      Dartmouth WASP

  6. Guest says:

    bad things happening to good people…

  7. J. Mack says:

    There’s blood in the water…

  8. AsdfsdfW says:

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

    • Blabbermouth says:

      wouldn’t you know, dummy?

    • Guest says:

      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.

    • in love with pmco avatar says:

      is working in wealth management really working?

      • Guest says:

        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.

  9. Art Vandelay says:

    …..double dip.

  10. Guest says:

    “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

  11. Anon says:

    “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.

  12. Duh says:

    Happy summer.

  13. Mmr61184 says:

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

  14. Collateraldamage says:

    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.

    • Mmr61184 says:

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

    • Mmr61184 says:

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

  15. Collateraldamage says:

    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.

  16. Deadmau5 says:

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

    -UBS MD

  17. guest says:

    Good job growing the franchise, Jimmy

    • Mmr61184 says:

      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.

  18. Ryan Bingham says:

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

  19. guest says:

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

  20. Been There says:

    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.

    • Guest says:

      Examine your motives!
      -Verne Troyer

    • DownWithOPM says:

      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.

    • Blah says:

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

    • Been There says:

      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

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

    • Guest says:

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

  21. Fmr JPM Intern says:

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

    -Recently fired JPM Intern/Syracuse grad

    • Curly Tail says:

      Bin liner models
      -L. Falcone

    • deluded idiot says:

      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!

    • Blah says:

      “Syracuse grad”

      That was your first mistake

      – also a Syracuse grad

  22. guest says:

    they fired interns 2 weeks into the program??

  23. Guest says:

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

  24. Anonymous says:

    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

  25. Mmr61184 says:

    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 

  26. Abc says:

    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.

  27. AIG_Risk_Mgmt says:

    So when is it happening at Goldman?

  28. Szplace says:

    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.

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