James Gorman, head of Global Wealth Management retail at Morgan Stanley, has decided to give the ol' heave-ho to 500 of its 1,000 broker trainees. Gorman's explanation:
He described those being dismissed as "not tracking toward success" as financial advisers.
Which is a nice way of saying they're incompetent. That or firing 20 people didn't quite scratch the itch, and Gorman just decided to think bigger. FYI: From now on Gorman will no longer be known as "James Gorman." We shall now refer to him as the "Aussie Axe-man."
Morgan Stanley to Fire 500 Broker Trainees [CNNMoney via DealBook]
Morgan Breaks Broker Trainee Program; 500 Axed [NYPost]
The First Step in Merrill-izing Retail is De-Morganing It
Blue Horseshoe Loves a New Job at Morgan Stanley