Morgan Stanley is said to be cutting back on its b-school tuition reimbursement, from 100 percent to 10k a year. "Sucks for those of us working through 10k/quarter part-time programs," said our tipster who just wants to learn, damn it. "This sets me back 50k or so. There goes the last of my loyalty to the company."
Morgan Stanely > Bain > Apple.
But not at themselves for apparently not knowing what the job of first year analyst entails.
Pop-quiz: you're a first year analyst at Goldman Sachs, with a little more than twelve months left until your two year commitment is over and you are free to take a job elsewhere. Do you A) take part in private equity and hedge fund recruiting now, and, if someone was particularly impressed with your junior mistmaking skills, accept an offer for a gig beginning in June 2013 or B) tell the buyside you are sorry but are prohibited from engaging in such activities at this time, as they would pose a conflict of interest for Goldman Sachs? At this time, GS JM's believe the correct answer is A, while higher-ups, who believe there is a firm policy in place that says no analyst shall take part in recruiting until six months from the time they've finished the two year program, are going with B. So now this is happening: Goldman has been firing IBD first year analysts with buyside offers. Senior people are calling up funds to ask if any analysts have received offers from them. A bunch have been cut so far. A bunch, we're told, is in the ballpark of four, which seems like enough to put the fear of god into people.
Until then, step off, bitch. Morgan Stanley Chairman and Chief Executive James Gorman defended the securities firm's role in Facebook's tumultuous initial public offering, telling employees internally that the firm worked "100% within the rules" and calling the steep decline in Facebook's stock "disappointing." Mr. Gorman, in a weekly strategy meeting Tuesday that was later webcast to employees, said "speculation of nefarious activity" surrounding the social networking company's IPO is untrue. Contrary to some reports, he said, he wasn't "aware of any dissent" among the underwriting firms regarding Facebook's IPO price of $38 a share. The discussion, called a strategy forum, is held weekly at the firm. The event, which Mr. Gorman attends periodically, features commentary from analysts and economists and is linked to on the company's internal website. Mr. Gorman told employees to "be proud of the job your colleagues did [in the Facebook IPO process] and don't judge us based upon what happened over a couple of days." Commenting on Facebook's stock performance, Mr. Gorman acknowledged the first day of trading "matters" but added investors should also judge an IPO based on its share price after 30 days, 90 days and 12 months. Morgan Stanley Chief Defends Facebook Handling [WSJ]
