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Aug 20, 2005 8:43 am

All MWD brokers must follow the message board under MWD at Yahoo finance. Two weeks before brokers were let go it was posted what was happing to the exact day when it would happen.

Aug 20, 2005 8:56 pm

Sorry buddy, knew about it weeks before from this website. No new news. There will be a massive reorgnaiztion in management. The likes you have not seen. They will cut the region from 8 to fewer. (less brokers, consolidation of offices, following Merrill (Gorman) There will be further lay offs across the board from operations to sales assistance and of course brokers. This in not Kansas anymore.

Aug 22, 2005 9:40 am

 I am MS broker and going to be sitting for S9 and S10.  I think i will just get the licenses, but not take any positions until next year

Aug 22, 2005 12:55 pm
Elvis:

Sorry buddy, knew about it weeks before from this website. No new news. There will be a massive reorgnaiztion in management. The likes you have not seen. They will cut the region from 8 to fewer. (less brokers, consolidation of offices, following Merrill (Gorman) There will be further lay offs across the board from operations to sales assistance and of course brokers. This in not Kansas anymore.


There won't be any more broker cuts until Gorman takes over. People are just dreaming.

Aug 22, 2005 3:10 pm

I agree.  Cuts will happen then, no need for it to happen before then.

Aug 22, 2005 8:22 pm

You might to find another more humaine firm.

Aug 22, 2005 9:32 pm
NY_BROKER:

You might to find another more humaine firm.


"Humaine???"  And they let you manage other people's life savings???  I don't want to hear how you're not the greatest speller either... If you can't spell a simple word like "humane", how in the world are you detail oriented enough to manage large sums of money...


For the love of God...  Go back and retake 1st thru 5th grade!!! 

Aug 22, 2005 9:34 pm
NY_BROKER:

You might to find another more humaine firm.


"You might to find...",  Who the hell are you, Bizarro Superman???


"It am Friday, me am happy!"  Go get em', Captain Caveman!!!

Aug 22, 2005 10:12 pm

That's the last post I will do from my cell phone  at a red light in NYC.

Aug 23, 2005 10:11 am
NY_BROKER:

You might to find another more humaine firm.


There is no such thing. Every company, if faced with slumping profits, will make cuts needed to regain profitability. If you're looking for some organization that's humane, it won't be one with shareholders or looking to make a profit. That's not an attack on corporations, it's just a fact. It's like looking for a humane pittbull.

Aug 23, 2005 7:37 pm

Regarding additional layoffs, what will the cutoffs be for rookie brokers 1-4 years?

Aug 24, 2005 2:23 pm

Under 250k trailing 12 and you are shown the door

Aug 24, 2005 6:05 pm

have you heard this from higher ups frumhere? or are you estimating what you think would be reasonable?

Aug 24, 2005 6:10 pm

Had someone call me today from there to talk about Jones. The above number would be justified by what they told me. She was at a little over 2yrs and gross was somewhere around 175k. Being shown the door. 

Aug 24, 2005 6:39 pm

so this is part of the new round of layoffs?


separate from the 1,000 of two weeks ago -- August 11?


Are these guys being given time to find a new home?

Aug 24, 2005 6:44 pm

I don't know about anyone else here, but I would have been feeling pretty good about myself if I had hit 175K in year 2.  I guess things have changed over the years.

Aug 25, 2005 8:51 am

Starka, I agree....if the 175k @ 2 yrs being let go is true, then "wow."  However, I bet there's more to that story.  From what I understand, MS is recruiting people from other places with less impressive numbers.

Aug 25, 2005 9:41 am

I agree.  Other recruiters in our firm have presented FAs to MWD within the past couple of months, as recently as last week that are averaging $50k/year in production along with $5M/year in assets (pretty much the wirehouse norm).  There has to be more to that story.

Aug 25, 2005 10:17 am

wait, that is bizarre. What could possibly be the rationale behind that? Are they recruiting them with lower payout numbers maybe? and certain conditions, as far as how much they raise production over time?


Aug 25, 2005 2:33 pm

Broker-editor--"$50k/yr in production" means for x years in the biz, recruit should have annual production of 50,000x....if you meant it's bizarre to recruit someone only producing 50k (which it is).  For ex, someone with 4 yrs in biz is in good shape w/200k, 6 years 300k, etc.