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).”
So how’s Wideclops looking these days?
Ug. So gross. Sorry kids.
You misspelled “Goldman Sachs.”
- guy who watches FBN
All the vast intellectual capital at MS results in layoffs?
…and so it begins…..
bad things happening to good people…
There’s blood in the water…
How about wealth management? They seeing cuts (hoping my job isn’t gone)
…..double dip.
wouldn’t you know, dummy?
“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
“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.
Happy summer.
Thats pretty sh*tty man. In the end do you really want to work at a place like that than?
Good Luck to you.
Hey well look on the bright side…there is always money in the banana stand.
hot as ever.
-guy who loves a woman in boots
Wealth mgmt hit hard left one division for a better opportunity laid off three months later
The hypercompetitive indian b-school kids are hoping to seize upon these job openings. You heard it here first…
Dartmouth WASP
The hypercompetitive indian b-school kids are hoping to seize upon these job openings. You heard it here first…
Dartmouth WASP
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.
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.
how are the severances?
how are the severances?
Yeah I heard the same thing yesterday too they axed all non officers if they wanted to cut fat start at the top
Yeah I heard the same thing yesterday too they axed all non officers if they wanted to cut fat start at the top
It sure has saved my lifestyle!
You’ll be lucky to be driving a KIA after this is all said and done, let alone my honda civic..
-UBS MD
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.
Good job growing the franchise, Jimmy
There are 2 kinds of financial employees: Those who have been laid off and those who are going to be.
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.
Finance is the new tech.
is working in wealth management really working?
What about the IBD? Are the cuts NY only, or global?
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.
No IBD cuts Gorman loves them are u kidding
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.
Examine your motives!
-Verne Troyer
The files are IN the computer???
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.
I like to mix it up: I own and short.
Man, these “bulge bracket” banks are just letting everyone go these days!! Who can survive this market??
-Recently fired JPM Intern/Syracuse grad
Bin liner models
-L. Falcone
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!
they fired interns 2 weeks into the program??
I honestly thought UBS would be next up in the Layoffs watch. Go figure.
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
Odds on UBS staying out of Layoffs watch in 2011?
“Syracuse grad”
That was your first mistake
- also a Syracuse grad
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
>>> All the good people/management have left.
Same Motive.
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.
Gorman aksed to do what?
- off to motives exam
fixed income trader in retail I would assume, not the same thing
So when is it happening at Goldman?
Not soon enough. Smarmy bastards.
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
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.
3:57 was the former JPM intern who wrote the reUnion bar/pizza party email.
Are you telling me this in an elevator or at the office?
A- on content. C- on execution.
From the beach…..
Like a guy in a four thousand dollar suit would ever work in a banana stand. COME ON!
Same, I’m in Equities and was cut that day. What a moron.
As a former employee, couldn’t say it any better. The MSSB management is just little boys in expensive suits. Stay away!