Any idea on the new "complex" manager stucture at MSSB. I am in the Southeast and we have not heard much. According to "On Wall Street' MSSB is moving towards a "complex manager" structure rather than have a BM in each office as the merger occurs.
Will this mean job cuts at the manager/asst. manager levels....many of these guys have given up books..........
Same as Merrill probably.. they combine 3 offices into one complex, then call individual offices associates offices, but there is still a manger in each branch.
Already happened for us managers at UBS, went to large complex's -- mine is 70mm t12 with 5 major cities. "associate branch managers" have small salary 30-50k max with a profit award. Get a 50% payout for 18 mo's -- but does not mean much when you have to start from scratch.
All ok by me its the catalyst i need to get back in the game. Of course i will have no time to help my FA's on coaching / solvivng problems like in the past. more calling 800's numbers and sitting on hold for 30 mins for them.
Complex = more layers of management + less decision making at branch level + more red tape + overpaid comlex managers + less paid branch managers
I just heard a manager was demoted during an office c***tail party. I've heard some poor communication stories, but that one takes the cake.
"How's your drink? You're probably going to need another one, because you're fired."
SB branches are being incorporated into the MS Complex model. Complex manager overseeing 3-4 branches, with a resident manager in each branch. Smaller branches have producing managers and larger ones have non producing. Some BM'S were demoted to Resident Managers, others were shot, others were moved to replace those that were shot.
Compensation for the managers was changed in that there is now a cap on how much they can make. Dont know what the cap is, but they are all basically taking pay cuts. The managers were told all this stuff, including their individual fates last Friday, and the announcements are being made to the branches today and tomorrow, I believe.
Now that they slashed pay of the Managers, wonder how long before they slash brokers pay.
Hear 153 have been taken out and shot so far. Mostly MS managers coming out on top.
MS and Mack care about their institutional business, not wealth management.
Complex will be several satellite offices reporting to a Hub with a Main non producing manager. The satellites will have a resident or broker in charge(producing). Moat/All operations functions will be moved to the Hub and ops cut a satellite office.
Thats exactly what i have heard Hydeho. The SB managers are all pissed off because the MS guys got most of the plum jobs.
They had to see that coming. When you get merged together and the "other" guy retains control, then they appoint their guys. Not really surprising.