As you may have heard, Morgan Stanley didn't have the "best" third quarter. Inside the bank employees have been girding their loins for what that will mean for bonuses and in some cases, what it will mean for their jobs, period. At the same time, Meredith Whitney has been on tour saying that everyone is getting fired (she ball parks it at 80,000 "just in the US"). But these fears are apparently unfounded, according to CEO James Gorman, who shared some great news with the group earlier this week.
Don't ask him about January 2011 but for the rest of 2010? You're all still employed!
Gorman, in a meeting with employees following the firm’s announcement of third-quarter losses, responded to a question about whether the firm’s hiring freeze would soon translate into job cuts as many at the bank fear. Gorman said emphatically, according to a person at the meeting, that there will not be job cuts this year. He added that despite the quarterly loss, the firm's fourth-quarter performance will be markedly better.