Thread regarding Morgan Stanley layoffs

I’ve heard for folks who were working from home, you still received a call from HR and told you are laid off.

Just wondering why no one is raising any concerns about misuse of travel budget across the region? If cost cutting is the sole motto of this layoff, then why no one from higher ups are monitor how some corrupt MDs and their EDs are abusing the travel budget every year and booking their own travel to have fun. Isn't it necessary to curb expenses from every angle? Why unnecessary hiring happening at every location in the name of agile and devops practice? Who is governing the productivity? Just creating metrics from number of JIRA closed doesn't mean the project is delivered smoothly? Who is monitoring the real business function being delivered every week and is it tied to any real money or all bookish numbers? Seeing these b—s— every year and its hurt to see how some people are taking advantage of these new policy and make money while some loyal worker need to keep working weekends and long hours including holidays.

@12nq0mOz-4xhs - Thanks for your sentiment and nice words. Are you a MS employee? Did you hit by this layoff?

@12nq0mOz-4hat - So sorry to hear. How long did you work @ MS? Did you sigh any policy regarding unpaid vacation days while accepting the employment letter?

@12nq0mOz-4xvv - is this true for those who joined before the policy change? Don't think they have ask anyone to re-acknowledge the new policy and sign anything.

@12nq0mOz-4mui - sign on bonus wow!!! MS still offering? and laying off to save cost. Amazing.

Is MUFJ also reducing?

wait till they start with “we are moving your seat to.....”

@5olw question about sign on bonus: I work in NYC

Agile transformation caused some of this. They decided some roles didn't fit.

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

Was the source reliable?

@5yqa thanks for the reminder, boomer. Welcome to the internet; this is called a forum, where everyone already f—ing knows to take things with a grain of salt because it’s an anonymous message board where anyone can share their (potentially) less than professional opinion. Glad you have come to save the day!

@4mui RE your sign on bonus question, which region are you from?

"Is London now fully done or anything more expected over the coming days? Have already lost an ED and associate from the wider team but nobody from the immediate one...so not sure if still in the firing line"

I've heard from a fairly reliable source that London is done now. I assume this doesn't apply to anyone who was OOO but is being made redundant.

I want to remind everyone that the specific questions you're asking about employment benefits, vacation payout, severances, etc. are all highly dependent on your region and contract. In Canada for example, businesses are required to pay all vacation days accrued.

Furthermore, the notion of "wait until it hits the contractors" sentiment is also misunderstanding the fact that these are all on a per office and team basis. Many contactors have already been let go, there is not a GMT time where everyone is being notified.

If you have questions about your dismissal, I'd suggest you contact and employment lawyer and bring your contract. Any other advice from people here is irrelevant.

First year analyst seriously considering looking elsewhere given what is happening with my team right now.

Does anyone know if I have to repay my sign on bonus if I leave the firm?

When are the consultants getting hit? And what percentage? Any idea on how many of the 1200 have been let go?

PHX = Phoenix

Is London now fully done or anything more expected over the coming days? Have already lost an ED and associate from the wider team but nobody from the immediate one...so not sure if still in the firing line

Yep, that'll be massive

wait until they hit the contractors

This was just the employees, wait until they hit the contractors.

Yes, I was escorted out of the conference room where I was told. An hr employee went to my desk grabbed my jacked and headphones. My co worker made her take my 1/2 bagel and coffee..

what is PHX? post below...

The part about PHX came from someone in the 1NYP location. They’re connected to something like self-directed. Said they did some in Tampa and then had some more to do in phoenix.

@4vys You lost an entire team in London?

Lost one of my team in London yesterday. They were escorted out of the building by HR - no goodbyes allowed.

Morgan doesn't repay for unused vacation days anymore, it's written in their hr policy. This change came about around 2-3 years ago.

What about the Westchester, NY location?

Any layoffs in the Denver metro?

I was let go yesterday ( VP, tech in NY ). Was kind of expecting this since the august townhall mentioned 25% cut in NY. It may be 2% off overall but is mostly NY centric. Its sad but not the worst given the place is becoming a sweatshop anyway.
I was told that Morgan does not pay for the accrued but unused vacation days . Has anyone had a different experience or any exceptions to this

I know it means nothing but I want to say from the bottom of my heart how sorry I am to everyone who was made redundant. I am sure that if I ever had the pleasure of interacting with you, it has enhanced the last year of my life in some way and I wish you all the best in the future. I hope you have the best Christmases possible and I pray the new year is a fresh start from this sh–.

Conspicuously missing from the hit-list, guest workers! :D

In ASD the aged MDs and EDs were let go after firing folks in their orgs all year. Karma is a b–ch. Didn't see their value anyway. Glad they are gone.

speaking of being escorted out like a criminal sans handcuffs - maybe it is time for a lawsuit, or a class action. much lesser things get court involvement, IMO.

"Someone mentioned that when people are walked out, they aren't allowed to go back to their desks. What about if they have personal items at their desk? Are they literally escorted from the building?"

From Montreal. They allowed me to go back, collect my stuff and walk out (escorted all through). Have seen others getting walked out and have hated this treatment where you can't use the washroom and treat them like police walking convicts except sans handcuffs. I don't know their reasons, but if you want to make this better, I am sure there are ways. But why would you care..

@4iho - someone from HR present in the final meeting will go to the desk of the candidate and get the stuff they ask for. For example, a bag, an umbrella, a particular thing from one of the specific drawers in the desk, a lunchbox from the fridge, etc.

Someone mentioned that when people are walked out, they aren't allowed to go back to their desks. What about if they have personal items at their desk? Are they literally escorted from the building?

@12nq0mOz-4bqt Could you expand more on Phoenix? Off the top my head 2 VP, 1 AVP, 1 CRO, and 3 associates were let go. Apparently who did the firing Monday said that was all. Morale isn't good here but we are also wondering how some of the obvious low performing managers/associates are still here unscathed.

Is it over for today or are they still walking people out?

They do connect you with employment agencies in certain situations. Lee, Hecht, Harrison is often used.