Firing Morgan Bokers

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Jul 7, 2005 6:02 pm

I have heard a rumor that there will be a reduction of 20-30% of Morgan brokers.


Mack would do this to increase production per FA.


Anyone have any thoughts on LOE and production minimums that might be at risk for termination?


And could this be a possibility?

Jul 7, 2005 7:24 pm

Posted: June 30 2005 at 10:00am | IP Logged     

It seems to me that any reps not breaking $700 in production are in

jeopardy if Mack returns to Morgan. At CSFB, he cut almost 5000 people.

Its no secret he favors a Lehman/Goldman model.

Jul 14, 2005 4:40 pm

i was told that it will happen and it effects loe over 8 years mostly 

Jul 15, 2005 3:11 am

I know of a manager in Southern California that told a broker that he thought the cuts were coming soon. My guess is LOS 8 or more, under $300,000 you get put in the penalty box.


Why these guys stay at MS instead of going to the regionals where they LOVE $300,000 and pay them well is beyond me.


Jul 15, 2005 10:48 am

[quote=Lajazz947]

IWhy these guys stay at MS instead of going to the regionals where they LOVE $300,000 and pay them well is beyond me.


Why would anyone stay at any wirehouse at that level?

Jul 15, 2005 10:00 pm
frumhere:

i was told that it will happen and it effects loe over 8 years mostly 





Frumhere,



I was just offered a position as FA at MS. The cuts will then be directed at older FAs and shouldn't affect new FAs, right?