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Layoffs Watch ’07: The Morgan Stanley Employees That Never Will Be


Morgan Stanley has cancelled recruiting for next year’s institutional securities class, a (former) MS candidate was told by the firm yesterday (that’s got to be an awkward convo we would’ve loved to have been in the room for). Next June’s fresh meat will be comprised solely by those who received offers this past summer (and this bit of news is sure to make anyone on the fence accept immediately—they are now part of an “elite” group, which employees of Morgan Stanley hardly ever get to say). Think the bank will spin this by saying the cap is necessary because too many Mackophiles (that’s what they like to be called) from the summer said yes? If they have someone who’s even mildly competent in charge of PR, we think so!


Layoffs Watch '12: Morgan Stanley

Employees within fixed income may need to find room at another inn. People inside Morgan Stanley are bracing for layoffs in the fixed income department. Sources inside Morgan Stanley say people within the fixed income business are expecting a dramatic downsizing of that business. They are not thinking about a total exit, maybe exiting certain parts of it, spinning those off if they can, but clearly a radical downsizing. MS Planning Layoffs [FBN]

Layoffs Watch '12? Morgan Stanley?

James Gorman is approaching cost-cutting with the same focus as the Zodiac killer, so maybe. Morgan Stanley is "maniacally focused" on cutting costs apart from compensation and is on track to reduce expenses by $500 million this year, Chief Executive James Gorman said on Tuesday. Gorman, speaking at a conference in New York, also reiterated Morgan Stanley's plans to reduce costs by $1.4 billion annually over the long term...The bank is also monitoring the size of its overall payroll for possible job cuts as revenue remains under pressure from a weak market environment, he said. "We are very, very focused on that, obviously, in this environment," said Gorman. Morgan Stanley "maniacally" focused on cost cuts-CEO [Reuters] Very much related: Morgan Stanley Joins Goldman Sachs In Herbicide