Thread regarding Morgan Stanley layoffs

@12nq0mOz-3ruw they were so short staffed in Baltimore, they couldn’t keep anyone good, how are they going to complete the work... and correctly..

If the firm wanted to cut costs they should cut back on the frivolous spending. Revenue generating departments seem to have endless funds for all sorts of shenanigans. I’m sure if the firm cut back on a firm paid vacations for clients we could keep these employees... the firm suffers when they get rid of good employees providing the manpower. Now everyone else is gonna pick up the slack and still get minimal to no pay for it.

ok, let’s see what will happen in Asia!

"They bring you in a room and give you the details."

And then usually they just escort you out, you're not allowed to sit on your desk or touch the keyboard. They also later mail you your belongings that were in your drawers and such because you're not allowed to take them with you. It's a very dehumanizing process, feels like a piece of hardware being decommissioned.

Financial firms of this size have a due diligence process. You arent getting a simple email, that is too much risk. They bring you in a room and give you the details.

You get called in by someone high up

How are they doing the firing? Do you get an email or do you get called into an office?

@12nq0mOz-3vrq "Any word from Montreal? It's been quiet so far. Wonder if Tuesday is going to be a bloodbath."

Word around the block is tomorrow is the day for the Montreal offices

@12nq0mOz-3yhk "Firing someone coming back from maternity!! How is it related to performace? Great company culture indeed"

It's not performance, it's budget cuts for a guess that the market in the future will dip with no evidence so far. They say they only let 2% go, but it feels like 15%

I know QAPM & FX MDs were fired in New York, the rest of the offices (Montreal, London, Glasgow, etc) is unknown at the moment. I guess word is Montreal will have their wave of firing December 10th. And probably more to come for all offices.

QAPM is calling it a restructuring, and is not telling employees of the plan.

I saw a post saying cloud and automation jobs were safe, however an MD that was fired in NY ran an part of the automation department in QAPM. So not sure...

Any word from Montreal? It's been quiet so far. Wonder if Tuesday is going to be a bloodbath.

Firing someone coming back from maternity!! How is it related to performace? Great company culture indeed

@12nq0mOz-3bjz guess we will see tomorrow.

I was let go today. Just came back from maternity leave too. Interesting timing.

I have been hearing it’s a bloodbath and regulators are looking into it

Is it one particular department within tech or random? Seeing rumours about IST and QAPM hit the hardest

"@12nq0mOz-3aae how do you know? Montreal office has been quiet. Any legitimate source that Montreal is being hit?"

Just take my word for it.

@12nq0mOz-3aae how do you know? Montreal office has been quiet. Any legitimate source that Montreal is being hit?

Not deep enough. Too many middle mangers(Ed's) still s—ing on MS feet.

what is the current severance pay?

Pro Tip:
Get all of your stuff out of your locker if you have one.
Get everything ready in a 'Go' bag.
Make sure you have everyone on linkedin and text/whatever.
Bring your phone and any keys/valuables to the meeting.

Otherwise the admins will be swamped.

Montreal reportedly getting cut tomorrow. Rooms are booked for "the talk" all day across the office.

Heard there’s an equally big round of cuts hitting NYP and LN tomorrow. No way they can be done yet. Takes more than a day to let those kinds of numbers out the door.

Is it 90 days on payroll for everyone? regardless how long they have been working for the firm?

"I’m quite thrilled because the message MS put out and the experience working there was totally different." - From my years the experience was severely diluted due to obvious nepotism on the management side of things. Undeserving people getting the nod was the norm in the end.

quite surprised they let go the associate on the desk who worked like a dog the whole year, common how cheap can it be?!?!

"I’m quite thrilled because the message MS put out and the experience working there was totally different." - true that! Management at MS is full of weak and underserving candidates

Sh– move to do it on a monday. Usually they wait until Tuesday to avoid vacations.

Anyone in MSWM?

I just got my termination a few hours ago. Not a surprise that this happened and I’m quite thrilled because the message MS put out and the experience working there was totally different.

How has investment banking advisory fared?

Was wondering why they were keeping people on payroll for 90 days. Must be related to the NY WARN Act

Seems to be over in NY now.

Ton of people from 1 NYP office gone. MDs EDs and VPs

Any status of NYP or Baltimore?

Under the NY WARN Act, I wonder if all affected employees or their representatives were notified by Morgan Stanley 60 or 90 days in advance.

"Usually during these "incidents" it's nice to know where the unemployment office is. "

No. No need to go to any office. Can do pretty much everything online. At least in NY State.

Has to be much higher than the 2% reported. In tech at least, 20-25% reduction expected in NY has been thrown around a lot recently. Not sure if that's all in this round or not though..

Glasgow was hit today. Not great timing...

Usually during these "incidents" it's nice to know where the unemployment office is. It doesn't hurt.