Thread regarding Morgan Stanley layoffs

Is it true that they look for other jobs for people or is that b—s—?

I worked in London for the worst two years of my life. I was treated so badly and made to feel useless simply because I am not a machine. The culture was so toxic. I hope you all find new jobs in better places, couldn't be worse.

Happened to me 4 years ago. I believe I was given severance of 2 weeks for every year. Very tough the way they do it- you do feel pretty insignificant- happened on my 50th birthday. But... came out the other side in a much better situation. Very scary time in my life- stay faithful.

I overheard Phoenix might still be in play. Baltimore is safe.

There should be quite a few in London I heard.

Any updates from other offices? Seems like HK, NY, and Montreal were hit hardest today. Anything more in Glasgow for the 10th? Anything at all in Baltimore? There are big ops groups in those locations.

Regarding gym cancellation at 1585, just email 1585fitnesscenter@morganstanley.com

And let them know you were let go. They were super responsive when I did it.

@4goo Yes. They provide severance pay based on you position and time with the company. That is what the $150MM - $200MM charge is for during the layoff as indicated in this article: https://edition.cnn.com/2019/12/09/business/morgan-stanley-job-cuts-wall-street/index.html

Compensation is a mix of tenure length, location and role.
Ive heard anywhere from 2 weeks per year to 1 month per year.

Do they give any compensation when they fire? couple of weeks/months salary? Does comp also depend on number of months/years the person has worked?

I heard this is far from over and to expect more in January.

Yes, @4xxy I think Midtown is done (for now)

Midtown is done I guess?

Its all politics on who's let go, in my team in NY there are few there were 3 VP's, 1 ED. 2 VP's and 1 ED joined last year whereas 1 VP was working in MS for 10 years.

This guy knew the system inside out, the goto guy for any kind of issues.

He was let go yesterday and those new guys that joined the last year are still there and they know sh-t about the system.

All politics and boot licking, but sad as it caused a genuine guy cost his job

Any updates on NYP/midtown NY?

@12nq0mOz-4ttg: "Any news in Montreal?"

Yes, most of the firing is done (for my department and building), not sure about the rest but it seems to have calm down. Alot of people here work from home but there is more people missing than usual and security guards still here. QAPM was hit badly.. It was/is going to be dissolving.. The QA part at least QA will now be dispersed into dev teams, not sure on time-line however we expect in spring cause it will be a slow transition as per usual.... We lose a few associates but not much, people have it a lot worse.

I say if you were canned, just consider yourself lucky and use that name on your resume and you will be fine elsewhere.

My guess all of this is done due to the "Agile Transformation". I'm very sad to see some friends leave and mostly sad that my team is being broken apart.

QAPM getting the hit in montreal, one ED and few associates already

Does anyone know how vacation days are paid out? I was hounded by my manager to take most of my days the last week of December, obviously that’s not happening now. Thanks

Ha I just remembered that I forgot to do that donation thing! (And the timesheets for like a month). Does anyone know how to cancel my gym membership at 1585? My paychecks for the next 3 months will be off by that $30 or so per paycheck! Ugh

To the person who asked if management had some sight of this coming, I did, but only directly for the people in my team who were affected.

It’s also pretty clear that the knowledge was compartmentalised because some of the people above me who were feeding me info, have also gone.

There are multiple RIFs for multiple motives going on here.

But don’t forget to donate to the annual appeal y’all! smdh

Got axed. After a more than a decade of working in a place I was proud of. Upsetting, but I think of it as a good thing. It was getting insanely bureaucratic and political.

“Naive question” not an answer...

"Questions to VPs and EDs who is a manager .." - Naive question. all managers are bootlickers, even if they knew, they don't care and trying to lick more boots to get to the next level

Questions to VPs and EDs who is a manager — were you told or given any hints about your assoc getting let go? I’m curious because it’s been slow the past few weeks (for everyone actually, due to the holidays), I asked my manager for more tasks but I got nothing, and this happened.

@ @12nq0mOz-4qah : Any news in Montreal?

My advice to you if this hurts is to ensure you next job is for a company below 10k employees. Disconnect between treating people like humans and cattle usually comes after a certain size.

In fact you may want to stay away from financial firms altogether.

Some VERY good people have been axed. I can already see how this will make the survivors' lives much more difficult. Absolutely ruthless.

The sad part of it all... I haven't got laid off (YET) and I feel worse, I think if I was laid off I'd probably feel better, now I'm going to remember this as, this is how the company that I work for treats people, no matter what hard working and the timing kind goes to show how much they care. I will now constantly have this on my mind when coming to work. It's kind of heartbreaking...

Especially for someone like me who this is my first ever job in the field.

To clarify, I've been working here for years however it is my first job in the field. Also I work in the cloud/automation space of the firm and yes we had some heads, people I considered mentors, inexpensive people laid off. With some of these people getting the boot idk what's next. I'm not the only one who feels that my days can be cut no matter the reason even if I give it my all. It's demoralizing...

Any news about the layoffs in Montreal?

Just got served. Not very disappointed though. Sometimes change is needed.

Still going at 1NYP - 2 VPs, an ED, and a few analysts already today. Having one on one convos w HR present.

Any idea about the midtown offices(1585, 1221, 760)? Are they done?

Are they still sending 1NYP folks packing? still? even today? I thought 1NYP was safe after yesterday.

@12nq0mOz-4acz "everyone is on edge here in NYP .. head on a swivel .. waiting to be called in next"

The exact same thing is happening in Montreal. Nobody knows why or who is next. Morale is at an all time low. Nobody's talking. This is the worst I've ever seen the environment here in my years here.

everyone is on edge here in NYP .. head on a swivel .. waiting to be called in next

I was proud to work for MS for 8 years but left (of my own accord) recently. It’s unfortunately no longer the great company that it once was. They have traded for too long on their name and employee loyalty, whilst cutting costs, expenses and destroying staff motivation.

"Like most workers on here, I worked my heart and soul out for this company, putting it above my family commitments and to be marched out the door yesterday was just simply awful."

I guess this is a reminder to never put a company before what actually matters in life. When you work your a– off for a company, it creates a culture where working your a– off is expected from everyone and becomes the norm. Don't let them exploit you and your fellow workers like that. When your boss asks you to stay late, push back. If there's something you want to do with your family or friends, put that before your work. Complain when you're made to work more than 40 hour weeks. The culture at Morgan absolutely needs to change and your small actions are what's going to drive that change. They're currently trying to squeeze every ounce of efficiency out of the smallest number of workers possible, and that's only going to lead to more stress and dissatisfaction.

You will get laid off at any time. Don't get exploited. Put the things that matter first.

@12nq0mOz-4fxk "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."

No idea pretty big. A grad got fired today and you get called and your gone.. Not sure of all details but it's bad.

Like most workers on here, I worked my heart and soul out for this company, putting it above my family commitments and to be marched out the door yesterday was just simply awful. Sadly I've not even heard from my old boss or team. I woke up this morning and thought thank god I don't need to go out in that storm (Im in Britain), and to be honest Id much rather do my very best for a company that did value its employees than trundle in everyday to one that didn't.

Hang your head in shame MS, if this is your culture and how you approach layoffs it s—s !