Morgan Stanley support layoffs

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Jan 24, 2008 6:11 pm

That can't be welcome news. 1,000 people in wealth management support, operations and tech? I thought wealth management was the strongest division, earnings and profitability-wise, in the last quarter. What do you all think?

Jan 24, 2008 7:06 pm

Next to go with be the guys under 300K like it was mentioned among management a year ago. 

Jan 24, 2008 11:41 pm
fritz:

Next to go with be the guys under 300K like it was mentioned among management a year ago. 

 
You mean that rumor again? Doubtful, the number of FAs would be too great, probably 1/3 or more of the whole. The last cut, over LOS 12 (memory here) and under $225k took, what, 1000 people?
 
Perhaps if they limited it to fairly senior LOS types....
Jan 25, 2008 8:58 pm


We've been hearing how well our division is doing & now it seems like we get penalized for all the losses from the trading side.



I did hear a rumor that under 300k need to get going.



Maybe just doing some of the dirty work before our new Wealth Management President gets started.