Anybody left at Morgan Stanley
Just wondering about the atmosphere there since they fired all of the low producers.
I hear there are alot of empty offices, and branches with only a few brokers left over.
They cleaned out the office here. Reps went to UBS. Then Morgan talked a couple of bank reps to go into the office. The bank reps thought they where walking into a branch full of accounts
They soon found out it was an empty office
Now the bank reps are whinning to Morgan
They are are screwed
They left a cozy branch at Well Fargo
And I figure they will be out on the street in six months for lack of production
Who is to blame Morgan for seting them up? Or the bank reps for believing in Morgan?
Ohhhh!!!! Well sucks to be a wire house rep!
I hear there are alot of empty offices, and branches with only a few brokers left over.[/quote]This is probably the case at many wirehouses right now, but empty offices are cheaper than empty suits. I think many MS offices are only operating at about a 70% capacity.
Yep, I’m sure Morgan Stanley will be going out of business soon with all the
problems you movers and shakers have outlined here.
I am a headhunter - have had placements with MS and work with mgrs there, they have created alot of space, the mind set greatly improved…since jmack and jgorman came on board. They have alot of canidates looking at the firm -red hot, deals still good but could soften
To me, it is the way MS went about the whole thing. They just created soooo much negative press. And every single person they fired is a mouth out there spewing negative stuff about Morgan Stanley.
they are offering the best deals on the street for high-end brokers. The problem is that many of these people sell their book of business every few years and will probably leave when the deal is up. The rest of the brokers are just the old dean witter brokers, with a lot of inherited accounts. i think the70% capacity number is much too high. JOhn mack did change the symbol to MS? that was worth 40 million for him. i am so glad i am gone from there.
[quote=vbrainy]Just wondering about the atmosphere there since they fired all of the low producers.[/quote]
Read "On Wall Street " mag's Jan '07 "Talent Brokers" article and check out the section entitled "Marvelous Morgan".
I heard the MS branch in my town is a shell of its former self. There’s
only a couple left, and the manager now oversees that branch and
another one (in a major city about 50 miles away).
Well, there you have it—the authorities have spoken. I guess the recruiters
in the article mikebutler cites don’t know what they’re talking about, despite
the fact that they make their living talking to people who are moving (or
thinking about moving).
The time has past to bash Morgan Stanley. They are the story on the street.