Great news for anyone who’s been sitting nervously at their desk at Morgan Stanley the last few days, wondering whether or not their boss was about to tap them on the shoulder to go have a chat with HR: if you’ve made it this long, you’re safe! There will be no more human layoffs for the foreseeable future (plants may still be at risk).

“We are very comfortable with the headcount we have right now. These have been tough decisions. No one enjoys going through a restructuring the kind we have been through and other firms on the Street have been going through. Every day, it is a different financial institution. We are down 6000 people from 12 1/2 months ago. It is pretty incredible. That’s now built into our run rate of expenses. We feel very comfortable with where we are now. The run rate is now lower as a result of those people coming out.”

Morgan Stanley Not Exiting Fixed Income [Bloomberg]

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Comments (16)

  1. Posted by Guest | January 18, 2013 at 3:13 PM

    Yup, heard that one before.

    –Everyone at every other bank not named MS

  2. Posted by So Much to Love | January 18, 2013 at 3:43 PM

    BBG @ 5:05: Would you be so bold as to do what UBS is doing and exit that [fixed income] business?
    JG @6:20: Eric … there is no thing called a fixed income business.

  3. Posted by Strong Sell | January 18, 2013 at 3:53 PM

    You can never can too many employees.

    -Head of UBS human resources

  4. Posted by Jolly Green Giant | January 18, 2013 at 4:52 PM

    Canning empoyees is a great way to increase their shelf life. And you can enjoy them all winter.

  5. Posted by Hobbes | January 18, 2013 at 4:54 PM

    James Gormon is still CEO, so I'm going to have to disagree.

  6. Posted by Tsao | January 18, 2013 at 5:50 PM

    As per Wall Street, Foreseeable Future = 10 weeks.

    UBS Futures Quant

  7. Posted by Footprint | January 18, 2013 at 5:57 PM

    My MD once said on Town Hall that he was very comfortable with his organization's geographical footprint. One month later, he shut down two offices. So, to me, when they say they are comfortable with something, only means they are contemplating getting rid of it and just biding time. If your wife tells you she is comfortable with your marriage you better ask for good divorce lawer references.

    – Color me sceptical.

  8. Posted by Guestimate | January 18, 2013 at 6:35 PM

    I must concur.
    – Prince Albert

  9. Posted by Advice from HR | January 18, 2013 at 6:41 PM

    "It is not our intention to have any additional reductions" — magic words to live by.

  10. Posted by Pess E Mist | January 19, 2013 at 12:57 AM

    We're done canning people. Now we make it so miserable that holdouts start bailing.

    – Reading between the lines strategist

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