MWD layoff started

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Aug 10, 2005 12:35 am

Two in the Valencia, California office. In San Diego one guy with 20 years and 35 Million but only 200,00K trailing twelve is gonna be out the door. Assets are mostly fee based. 


Managers have the list already, have been told that they are not to say anything until they are told to. The guy in Valencia just jumped the gun.


HR will not divulge the formula they used to arrive at the names and the Managers are not being allowed to lobby for exemptions.


Bruce Alonzo is gone. One of the few at the top who was respected and was a former FA int he trenches.


Rumor is that Rick Sanchez will be out by month end. Good riddance according to most of the people I know.


The regionals are gonna LOVE this.

Aug 10, 2005 11:44 am

i was told thursday the ax comes down

Aug 10, 2005 1:52 pm

Are they expected to give out the metrics, or will they simply drop the bomb?


And what is the best way to find out who these FAs are?  Any thoughts?

Aug 10, 2005 2:12 pm

don't know

Aug 10, 2005 3:59 pm

From what I hear even the Branch Managers do not know the metrics and HR won't say anything for fear that they will go to the press.


They are expected to simply dismiss the FA's.


There simply is no way to know who is on the list short of asking your manager directly but then and again if they told you they would have to tell everyone else.


Aug 10, 2005 5:22 pm

It is nice to be INDY! *uck Wirehouses! 

Aug 10, 2005 5:44 pm

Managers will be on a 10AM Eastern conference call. They don't have names yet, but they have scripts to talk with those let go and the remaining staff.


Many of these folks will be doing just fine as Indys or working at another firm in no time.

Aug 10, 2005 5:53 pm

Interesting.


I heard from a manager buddy of mine that they did indeed have the lists because he knew who he had to let go of and HIS buddy in an office in the San Diego area also knew who he had to let go of but........... I also know of a couple of other managers as well as an executive director that denied having such a list a list.


Who knows, they also denied even having plans of laying people off a while back.


I trust my buddy who is one of my two best friends in the world more than any of the corporate figures that play games.

Aug 10, 2005 6:17 pm

Lajazz947



What happened to Bruce Alonzo?

Aug 10, 2005 6:46 pm

Bruce is retiring at the end of the year

Aug 10, 2005 9:19 pm

The times are a changing. This firm hopefully no longer follows the good old boy system. Promoting people who only play a good golf game and a fake laugh. Out of  400 branch managers 300 have been managing for  1yr or less. The only time i see my managing director is when he fires someone. I heard he has his resume out. As all should.


Aug 10, 2005 9:33 pm

Is there a lot of underlying dissatisfaction at MWD, betterdays?  I know only one MWD broker, and haven't seen her for some time.  Maybe this layoff is a good thing?

Aug 11, 2005 7:37 am
BrokerRecruit:

Are they expected to give out the metrics, or will they simply drop the bomb?


And what is the best way to find out who these FAs are?  Any thoughts?





Hahahaha.  No, BrokerRecruit, there is no way to find out who
those FAs are.  Personnel information is confidential.  As it
should be.



However, I do like your style.  You see an opportunity, and you look for a way to tap it.



Those poor MS folks getting the axe can probably use a professional
recruiter like you who knows the business.  If they were wise,
they would have contacted outside recruiters like you or other firms
BEFORE the axe fell.  Seriously, if you're a LOS 8+ and only doing
$250k (or less), you had to know that your days were numbered. 
Besides, it's going to be a lot easier to transfer your book when you
have time to prepare.  Live and learn.



However, that's not to say that those folks getting fired from MS
aren't of value to a company.  In fact, even at $200k, a rep can
still be a profitable producer for a company. 



Smaller regionals will take those displaced Morgan Stanely folks. 



200k @ 40% payout leaves $120,000 for the firm to cover office space
and other overhead.  Is there some profit left over? 
Absolutely.



This is also a good example of the kind of loyalty that companies show
their producers.  None!  Producers should be loyal to their
firms no more than the firms are loyal to them--which is means no
loyalty at all.




Aug 11, 2005 7:39 am
Starka:

Is there a lot of underlying dissatisfaction at MWD,
betterdays?  I know only one MWD broker, and haven't seen her for
some time.  Maybe this layoff is a good thing?





Every cloud has a silver lining.  Every time a door closes, another one opens up. 



Anyone else have some good cliches that we can use here?



I can't imagine that the bigger producers are going to give any thought
to this mass firing at all.  Afterall, they are untouchable.




Aug 11, 2005 7:46 am
Lajazz947:

From what I hear even the Branch Managers do not
know the metrics and HR won't say anything for fear that they will go
to the press.


They are expected to simply dismiss the FA's.

There simply is no way to know who is on the list short of asking
your manager directly but then and again if they told you they would
have to tell everyone else.


Companies typically don't like giving advance warnings of
firings.  That gives reps opportunities to copy paperwork, client
lists, urinate in the branch manager's coffee, etc. 


The sadistic tendencies of management preclude niceties such as
humane treatment.  "You know how we used to play golf over the
past 10 years, Bob, and became good friends?  Well, it's all over
because you are fired!  Security will escort you out like the dog
you are."


Will it stop at 1000?


Will more lower producers be let go?


Will Morgan Stanley increase recruiting deals to find producers to fill all those empty offices?


Will Monica ever find out who the father of her child is?

Aug 11, 2005 8:37 am

Hopefully along with Alonso and Sanchez, Michael Burke is shown the exit door also.

Aug 11, 2005 9:26 am

It seems to me that there are two distinct possibilities:


-MWD is trying to strengthen their position compared to ML, SSB and the rest of the wires


-MWD is boosting their average production and assets per FA to dress up the firm to sell or spin-off.


Any thoughts?

Aug 11, 2005 9:41 am
BrokerRecruit:

It seems to me that there are two distinct possibilities:


-MWD is trying to strengthen their position compared to ML, SSB and the rest of the wires


-MWD is boosting their average production and assets per FA to dress up the firm to sell or spin-off.


Any thoughts?




Yes on your first point, no on your second.

Aug 11, 2005 9:46 am
F-DPatrick:

Hopefully along with Alonso and Sanchez, Michael Burke is shown the exit door also.



I knew Burke when he was a regional guy, seemed OK to me. What's your beef with him?

Aug 11, 2005 10:50 am

Yeah, I also thought that Burke was OK.


Unless he drank the Koolaid and changed when he got to a senior management position he was a  "Real" person whom you could talk to and get a straight answer.


Now Rick Sanchez on the other hand is...............oh, don't get me started.