CEO John Mack has reportedly been given the boot.
We kid...though we don't kid that we received a very cloak and dagger email implying as much from the address John Mack Must Die (all one word) at yahoo.com, signed "Z." Anyway. Financial News legitimately reports that MS has cut 31 managers and executive directors globally to date, with 25 of the involuntary departures occurring late last week. Included in the carnage were Charlotte Wall and Philippe Lopategui, MDs on Morgan Stanley's stock lending team in London, part of the bank's very profitable prime brokerage business that helps hedge funds short stocks. "I can only imagine what the departures have been like in other [less lucrative] divisions," a source told FN. Off the record, we've heard that Morgan's We Fucking Love Subprime desk has suffered a decent amount of cuts, though less than you might've imagined, owing in part to John Mack's slightly off-colour sense of humor, and the fact that it employs three-quarters of the firm's softball team.
Morgan Stanley culls 30 top-level staff [Financial News]