Thread regarding Morgan Stanley layoffs

"People starting to be walked out in Montreal..."

Do you know the scale? How many people? What departments are affected? Security people were on the floor today so I thought this was definitely not over yet.

People starting to be walked out in Montreal...

JPM has more than double our tech budget. If we want to stay competitive why are we cutting so tech heavy?

So much for do the right thing.

Those who're getting laid off on the tech side should thank their stars. The next few years for Morgan look pretty damn turbulent. The leadership doesn't even have a clue..

Alige will fail miserably.. as it has no place for MDs and EDs and the MS has a very rigid hierarchy, they wouldn't be able to transform it out.
The push to the Cloud is so mismanaged, while it's a huge opportunity to set the infrastructure and warehousing right, the way it's being approached is so lame. Like most other initiatives, the firm will fail hard and then backtrack to do it right.

The market is changing pretty fast, while finance used to be the paymaster in the yore, tech is reining supreme at this time. The likes of Amazon, Facebook and Microsoft are hiring and paying big bucks in all prime locations.. NYC included.

One of the associate level guy I know, got laid off last year, got hired in one of the tech orgs and is making more than twice now. So brace yourself, use the paid off time you get and fast track your career into something more beneficial and satisfying. Good luck.

Any new layoffs at NYP today?

There's a Black Mirror episode in this somewhere....

Got let go yesterday. Everything they're saying in this board is correct. Awful way to be removed from building. And they talk about the core values. Maybe MS should rethink posting those everywhere.

A little birdie told me that New York, London and Hong Kong are all in the crosshairs. FTEs and consultants alike. FTEs happening this week, consultants will be in two rounds: December and March.

A few people were told they’re safe yesterday in NY. Not sure if that means it’s over

i thought its over yesterday. is it still going on? in NYP people were told its done for now.

Any news from London?

Even here in Asia, they don’t seem finished. Had a buddy get called in at 4pm, prior to that we noticed the superior went missing. The buddies org chart was essentially blank. At 4:30, he was punted to the curb.

Expecting more tomorrow.

I imagine LN is getting clobbered right now. Another few hours and North America becomes the slaughterhouse. Today will be worse than yesterday.

Today is the bloodbath. This s—s.

"DoInG tHe RiGhT tHiNg"

It's business hours in Asia. How hard are they being hit there?

poor management and internal politics...teams are already short staffed as is with many employees working long hours meanwhile consultants sitting around at MS take 2 hour lunches and surf the web all day (e.g. my team). Morale is low.

People keep disappearning in HK office

Forced ranking is a quintile system with 1 being worst and 5 being Exceeds Expectations. Your manager is forced to rank people under him on a curve with a certain percentage expected to be in the 1 bucket. This is how you end up with good people being labelled "low performers"

NY round has been done today, mostly IT folks and a few front office, Risk/compliance/audit are safe as I have not heard any got fired

Not true. A lot of Tech Risk folks are out..

NY round has been done today, mostly IT folks and a few front office, Risk/compliance/audit are safe as I have not heard any got fired

"Though having seen the forced ranking system throw many perfectly fine people under the bus over the years, I'm very cautious about believing any "low performer" label in general."

I agree with your point about being cautious about this label. Can you or someone else who knows this expand on what you mean by the "forced ranking system"?

General rule of thumb is it will be pretty f—ing clear when they are done because they will actually proudly tell everyone that is left that they survived and are the best.
Insane sh– culture.

"any ideas if the groups that were already hit will receive more lay offs in the coming days?"
That's the 64K question...

any ideas if the groups that were already hit will receive more lay offs in the coming days?

It's just soo inhumane :( any idea when these layoff will be done ?

Many more cuts are coming to midtown and NYP tomorrow. Unfortunately today was just the beginning.

This is not only targeting on VP/ED/MD, some analysts/asso got laid off not related to performance as well.

My peer in HK (a VP) was just let go.

"I was laid off today. VP position. " - which office?
Annyone knows the total number in the midtown offices?

I think Montreal is mostly consultants and weak performers.

I don’t work for Morgan Stanley but I find this disgusting. Not that there’s a good way to do this but if I was looking for a job, MS would be so low on my list. I would rather get less money from a firm that values people as assets. The pigs all have to eat from the trough

I just saw 5 rooms booked by the director’s assistant in my Montreal office, tomorrow from 10:30 til noon. This is happening

I was laid off today. VP position. It was totally unexpected. Wasted all those years for these #####.

Don't let the b@$t@rd$ get you down. There is life after Morgan Stanley... the whole agile stuff is pants. The emperor is stark raving naked. Goodbye and thanks for all the fish.. money....

Got the news today that my role was eliminated. Have to admit, not only was I shocked, but agree with the sentiment about the "lack of grace". Couldnt say good bye to people. I couldnt even go to the bathroom until I was chaperoned there and then out the door. Quite different from all the culture talks I had heard about this firm

IT guys at NYP have been getting cut for years now. Gorman wants to send all those jobs to MSAS.

Is it only full-time employees or are the consultants also being targeted? Any word on lay-off the consultants?

@12nq0mOz-3ekb

Having gone through this at 3 major banks, I'll say that MS is far worse than others.
You become an 'unperson' – your access is cut off, you are escorted out of the building, they have no easy way of fixing your deductions (e.g. I had to pay for the company gym even though I couldn't use it), etc etc. God forbid you left your phone or keys in your desk.

It was needlessly cruel and done from a position of fear. Another bank thanked us for our service, let us say good bye and send goodbye messages, and explicitly said that they trusted us not to steal anything or do anything unprofessional. Helped me a lot when trying to get my next job, and helped the people who remained.