Big Layoff at MSSB today

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Sep 24, 2010 5:55 pm

I was part of a big layoff as MSSB today, our entire class and others were let go today even when exceeding expectations.  WTF!!!

Sep 24, 2010 6:54 pm

Copy your book and go INDY!!! no account minimums, no managers, no top level management assholes taking your cash! Higher payout! PM me if I can help,  

Sep 24, 2010 11:52 pm

I call BS on the MSSB layoff...

Sep 25, 2010 12:29 am

Is this true? I tried to google it and couldn't find anything about it.  

Sep 25, 2010 3:11 am

I can confirm a layoff in our office.

Sep 25, 2010 8:15 am

just your branch? 

Sep 25, 2010 10:34 am

Big layoff and layoff are two different things.

1. Big layoff: wouldn't be able to keep quiet more people would chime in, there would be some media coverage.

2. Layoff: 1. Underperforming reps 2. Consolidation(lack of space with MS and SB merger) most likely..

3. Could be your location only..

Sep 25, 2010 3:36 pm

it was firm-wide.  5 in our office varied from underperforming to over performing all gone. many more in the complex.  our office consolidated a year ago, it happened on both sides MS and SB.  Everyone LOS less than a year.

Sep 25, 2010 4:40 pm

That sucks.  What region are you in?

Sep 26, 2010 12:22 am

I work at MSSB in Los Angeles Complex.  15 sub 18 month brokers were fired.  They are cleaning house.  Cutting dead weight. New brokers under tier 3.  

Sep 26, 2010 12:40 am

Why the suprise?

Wire houses have been treating people like this for years!

This is how they grow, bring in new faces get them to call all the people they know and then fire them.

Same OOOOh same OOOOh

Sep 26, 2010 11:17 am

[quote=mssbideas]

I work at MSSB in Los Angeles Complex.  15 sub 18 month brokers were fired.  They are cleaning house.  Cutting dead weight. New brokers under tier 3.  

[/quote]

Exactly... cutting the fat...and ready to rehire and try their luck again..

Sep 27, 2010 1:09 pm

Folks that are looking to come into this biz, should see this.

This is a tough career choice normally, all the more difficult these days.