• 19 Jul 2012 at 12:59 PM

Layoffs Watch ’12: Morgan Stanley

The House of Gorman will be saying good-bye to a few thousand Little Jims before year-end.

Chairman and Chief Executive James Gorman said the firm’s work force at year-end will fall 7% from 2011, reflecting previously announced layoffs as well as the firm’s efforts in applying “a high bar for replacing attrition.” The forecast implies a reduction of more than 4,000 jobs from the firm’s global headcount of 61,899 at Dec. 31. Last winter, Morgan Stanley announced 1,600 job cuts spread across its businesses, which was its largest such cutback since late 2008 and early 2009. The firm completed roughly 4% to 5% of those cuts in January and will complete an additional 2% to 3% by the end of 2012, a spokeswoman said.

Morgan Stanley Expects 7& Cut In Its Workforce [WSJ]

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Comments (35)

  1. Posted by M. Zuckerberg | July 19, 2012 at 1:09 PM

    Hope I had nothing to do with this

  2. Posted by James G. | July 19, 2012 at 1:33 PM

    Bess, I've told you a thousand times– it's "James." I control "Little James's." I was going to sit down this afternoon, run through my VaR, and figure out a way to make some money… but you don't listen. So now, instead, I'm going to spend my afternoon reblocking Dealbreaker.com from my employees for another 4 years.

  3. Posted by guest | July 19, 2012 at 1:34 PM

    MS still won't have washboard abs after the cuts.

  4. Posted by BessLevin | July 19, 2012 at 1:36 PM

    Too soon.

  5. Posted by MHA | July 19, 2012 at 1:40 PM

    Would someone please escort this useless, underperforming deadbeat of an employee out of the building. Oh, sorry Jimmy, i didn't realize it was you.

  6. Posted by J. Gorman | July 19, 2012 at 1:45 PM

    I want to see everyone here scouring their desk drawers for debt certificates! Raus!

  7. Posted by Stev | July 19, 2012 at 2:08 PM

    Now this is the 3rd Bank Layoff just listed on Dealbreaker in the last few weeks.
    Just goes to show no industry / sector of this economy is safe.

  8. Posted by Confused Commenter | July 19, 2012 at 2:08 PM

    Furiously resetting my watch.

  9. Posted by pants | July 19, 2012 at 2:09 PM

    Maybe Bonobos is hiring

  10. Posted by fruitcake | July 19, 2012 at 2:09 PM

    Gorman needs to go…he's in over his head in this game

  11. Posted by guest | July 19, 2012 at 2:24 PM

    take a look around you pal. they're all in over their heads. the best bank out there just lost 6 bn and the boy wonder in charge – who actually is competent – had/has no idea how or why.

  12. Posted by MS Staff | July 19, 2012 at 2:45 PM

    Can we please, please fire the overpaid, incompetent, underperforming CEO who couldn't handle a fucking IPO…….for the LOVE OF GOD!!!!

  13. Posted by Jared | July 19, 2012 at 2:56 PM

    So – in your bank CEO's "handle" IPOs?

    Oops, I mean the bank where you have your low monthly balance free checking account, as obviously you don work at an investment bank.

  14. Posted by Wideclops | July 19, 2012 at 3:30 PM

    Reporting for duty.

  15. Posted by McKinsey Stanley | July 19, 2012 at 3:41 PM

    Livin' the DREAM at $13 / share!

    Step 1 – Hire McKinsey to endorse your audacious unrealistic plan
    Step 2 – Plan usually includes hiring massive incompetents in one area of the bank
    Step 3 – Simultaneously firing massive incompetents left over from last McKinsey visit
    Step 4 – Profit! By profit I mean collect a huge salary and bonus while blaming your failure on previous Mgmt team.

  16. Posted by 7 Days' Answer Man | July 19, 2012 at 3:46 PM

    You know why. You take a couple of guys with a bonus payout based on swinging for the fences, addh no obvious downside if they blow it, blend with managers who pretend to understand risk and blow smoke and buzzwords up THEIR supervisors' hole, mix well with 24-year-old regulators who are desperate to go to the other side and be the people they're monitoring, and voila! One helping of Souffle de Surprise du Banque .

  17. Posted by guest | July 19, 2012 at 4:30 PM

    mitsubishi UFJ, like any japanese shareholder, will fire a CEO around the time that hell freezes over. settle in.

  18. Posted by guest | July 19, 2012 at 5:49 PM

    true. the volume of wrongdoing that banks and their clients get away with solely b/c no one dares ask what might be a stupid question is mind boggling.

  19. Posted by The 1% | July 19, 2012 at 7:51 PM

    They want cream of sum yum guy too…..

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    This is brilliant! Did you consider writing for Bloomberg?

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