Morgan Stanley just canned trainees

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May 10, 2006 3:51 pm

I, and every one else, in the northwest training region training program got canned today. Yes, that included those with production on track equal to the level that was promised to earn them salery, grid, and bonus. I would think that this is nationwide. Good luck to the under $400k producers! Tough racket!

May 10, 2006 3:54 pm

I better call all my MS prospects to make sure they still have their advisors....... I love it.......

May 10, 2006 4:18 pm

You can't make this stuff up.


Where are you heading? Don't get discouraged, the same thing happened to me after the stock crash in 87'. I came back and did well.


You don't come to wall street for management insights on personal or professional behavior. You come to do your own work or niche. Generally management is just the excuse class for price gouging down the pyramid.  



May 10, 2006 4:59 pm

Why did you get canned?  Sounds like a crappy company to work for.

May 10, 2006 5:05 pm
Farmboy:

You can't make this stuff up.



Oh, sure you can 

May 10, 2006 5:07 pm
mikebutler222:
Farmboy:

You can't make this stuff up.



Oh, sure you can 



True I took it at face value.


May 10, 2006 5:10 pm
Farmboy:
mikebutler222:
Farmboy:

You can't make this stuff up.



Oh, sure you can 



True I took it at face value.





The announcement from Gorman said they let 500 current trainees go, that they were people "not tracking for long term success". I can't define that last bit for you.....

May 10, 2006 5:12 pm

Let me add, the same announcement said they weren't "making any reductions among Financial Advisors" and remain committed to growing the sales force.

May 10, 2006 5:13 pm
justaguy:

I, and every one else, in the northwest training region training program got canned today. Yes, that included those with production on track equal to the level that was promised to earn them salery, grid, and bonus. I would think that this is nationwide. Good luck to the under $400k producers! Tough racket!


I doubt it was "everyone", but that doesn't matter to you personally. Don't take it too hard. If you were doing well, get a position elsewhere. Sorry it happend to you and best of luck.

May 10, 2006 5:47 pm

I always like when they settle on nice round numbers in layoffs, 500


Often it isn't audit proof. They count dead people or those arrested but it makes a memo. Let's pretend it's accurate and imagine how number 499 or 501 are taking it.


Say what you want, it's a poorly run business and company specifically. Another poor statement for the industry as a whole. Do you think the shark tank culture makes any client feel better, worse or more trusting when this gets distributed? 



May 10, 2006 6:08 pm

Mike Butler...If someone told you an asteroid was coming on May 22 and you better hide under your bed....would you believe it?


On second thought I am surprised you didn't go on the spaceship that was following the "hail bob comet" a few years ago.

May 10, 2006 7:49 pm

I would bet that a third of those trainees had to see it coming though.  If you're 8 months in the business with 10 clients and $500,000 in assets, you're screwed anyway.

May 10, 2006 7:54 pm

I think MS made some mistakes on this one.  Trainees meeting their numbers were fired.  Junior FA's on at least one large team were fired as well.  This has many senior FA's very upset - they were not consulted prior to the announcement.  I'm happy with many of the changes over the last six months, however, this move does not seem well thought out.  What does this say to other FA's that are meeting their numbers?  Watch your back.

May 10, 2006 8:25 pm

Is Morgan/Dean Witter positioning themselves to sell off the retail brokerage

arm?

May 10, 2006 9:28 pm
Farmboy:

Say what you want, it's a poorly run business and company specifically. Another poor statement for the industry as a whole.



Nice broad statement, but what supports your claim?


Farmboy:

 Do you think the shark tank culture makes any client feel better, worse or more trusting when this gets distributed? 



"Sharktank"???? BTW, what accounts? These were trainees.

May 10, 2006 9:29 pm
The Truth:

Is Morgan/Dean Witter positioning themselves to sell off the retail brokerage
arm?


There is no Dean Witter and no, MS won't be selling the retail arm.

May 10, 2006 9:31 pm
fritz:

Mike Butler...If someone told you an asteroid was coming on May 22 and you better hide under your bed....would you believe it?


On second thought I am surprised you didn't go on the spaceship that was following the "hail bob comet" a few years ago.



Still selling the "everyone below $400k will be cut by..." theory?



Care to make it interesting and put your money where your mouth is? And, no, even though the "by date" has passed at least three times on this prediction, I won't be giving you odds. 

May 10, 2006 9:32 pm

[quote=MWD123]Junior FA's on at least one large team were fired as well.  This has many senior FA's very upset - they were not consulted prior to the announcement.  QUOTE]


I can understand senior FAs being upset, but then these guys were really Jr FA employed by the seniors, they were trainees employed by MS.

May 10, 2006 9:34 pm

It's true, as I said, 500 were cut. It is not true, as the first post claimed, that

everyone was cut.

May 10, 2006 11:22 pm

mikebutler - i think MS has their own flavor of kool-aid and gorman's holding your bong.