Thread regarding Morgan Stanley layoffs

Was also let go today. MD, two EDs, VPs from my floor, supposedly more to come.

this is unrelated to performance . It is based on cost reduction , specially 20%+ in NY

this is so very true!!!

"It's categorically not true that only low performers are affected. There's really more than one event going on simultaneously here. Some of this is about cost cutting in metro locations, some of it is department-based based on specific circumstance, and then they've also taken the opportunity to add in the usual yearly low performer RIF"

It's categorically not true that only low performers are affected. There's really more than one event going on simultaneously here. Some of this is about cost cutting in metro locations, some of it is department-based based on specific circumstance, and then they've also taken the opportunity to add in the usual yearly low performer RIF.

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.

Reuters Coverage, posted 9 min ago:

• (Reuters) - Morgan Stanley (MS.N) is cutting about 2% of its workforce globally due to an uncertain global economic outlook, according to a source familiar with the matter.

• Most of the employees impacted by the job cuts, which hit businesses across the bank, have been informed. Spared from the job cuts are financial advisers in Morgan Stanley wealth management.

• The bulk of the terminations will be in technology and operations units, CNBC reported earlier on Monday.

• The Wall Street investment bank and wealth firm has been trying to keep compensation expenses down because it expects revenue next year to be under pressure from market volatility, ongoing trade tensions and a global economic slowdown, according to the source.

• Morgan Stanley had 60,532 employees as of Sept. 30.

• Reporting by Elizabeth Dilts Marshall in New York and Bharath Manjesh in Bengaluru; Editing by Shailesh Kuber and Matthew Lewis

https://www.reuters.com/article/us-morgan-stanley-layoffs/morgan-stanley-cutting-jobs-due-to-uncertain-global-environment-source-idUSKBN1YD24O?il=0

If you haven't heard - Glasgow was affected yesterday. They were walking out people and they were not allowed to go back to their desks.

Is it true that only low performers are being affected?

@CNBC - as other poster mentioned, no way are those cuts 2%. More like close to 15-20%

2% of 60,000 is 1,200, which is roughly the usual number they slash off each year. It's significantly bigger this year.
It'sh–ting harder because the top levels are getting impacted heavily this year.

CNBC - I think the 2 percent number is wrong. Numbers are higher than this across the board, specifically I would try to get a break out of the percentage in the New York office. They are trying to underplay significance

I am hearing both London and New York are getting clobbered. It looks like both Tech and Equity Research are hit hard. I left in 2018, still have many friends over there.

Good luck all!

What about 1221? Any update on the numbers?

Investment Banking associates cut heavily in 1585 today. Combination of low performers.

It's impacting LN + NY hardest, but most big locations have seen some level of layoff.

https://twitter.com/TheLayoff/status/1204123622236930048?s=20

Was one of the Associates laid off in research and after speaking to someone still there on LinkedIn they say there were 6 associates, 1 VP, and 1 ED let go.

Any word on specific locations being hit hard

CNBC posted a news item that Morgan Stanley is laying off 2% of the global workforce die to economic uncertainty.

Any leaks on what will happen tomorrow?

Any word if Budapest, Glasgow, Baltimore or Montreal are getting hit?

4 VPs gone from my floor

Equity research positions being cut. At least 4 associates cut this morning

So any info on the cause of this particular layoff? And how did they pick the people impacted - was perf eval a criteria?

The firm is making money and has been hiring.

I'm an associate at a non-NYC office in what has been noted multiple times as a growth oriented role, and I was let go this afternoon. It's my first day back from a week long vacation and this is what I came back to. Terrific

Any recent grads been cut? Across tech especially??

This is scary. Will there be next rounds for lower level positions (analysts, associates..)? What offices you guys in?

Was let go today .
Cannot agree more that the timing could have been more humane. I mean who makes you toil all year , including many weekends and then gets rid of you just before holidays and bonus time ?
Guess we m is the answer now

I just got let go as an associate in research.

Nothing on news, if the firm scores a deal or gives change to charity media is all over it .. sick times , this is a company that forces employees to wear Morgan stanley volunteer tshirts ..

Any updates on numbers? I have been hearing a lot

FYI: Morgan Stanley removed their FB post (which was posted this morning) about "why many alumni come back to work at Morgan Stanley". I guess they realized today wasn't a good day to post that kind of BS. Thanks for ruining lives Morgan Stanley - hope all the top execs enjoy their holiday bonuses this year!

A big round today firmwide.. this company is going to sh–...

You sure ED and VPs tomorrow? It looks like it's today.

Why is CNBC not mentioning anything ?

Had known there was a RIF coming for weeks, but the scale and the seniority involved has really shocked me. No MDs left in my department. Lots of senior EDs gone.

Does anyone know why so many people are let go in this round? They seemed to have a really good quarter (Q3) and there was quite a bit of hiring in mid 2019?

40% MD’s walked out in tech
Tomorrow ED and VP, their is security guards on floors , the scale is pretty high..

Morgan Stanley should be ashamed of themselves laying off people two weeks before Christmas. And today Morgan Stanley just posted on their FB account about why many alumni come back to work at Morgan Stanley. How tone deaf can you be?!? What a disgrace... corporate greed at its finest!

We’ve definitely lost at least one VP in London. Likely a number of consultants in London and New York. It’s hard to know for sure just by checking for white circle statuses in the corporate directory.

Any latest news based on today's round?

Before holiday to save on bonus.