Thread regarding Morgan Stanley layoffs

150K views - amen

Hello - I have heard in light of COVID 19 that people are asking MS to pay an additional 6 weeks in Severance and to cover all medical, dental and vision COBRA through 2020. Are others aware of this?

left MS a few years back, tech stack is really backwards. Get our before they come for you is my advice.

Ex-Trader now running the show at MS tech. How can bank think of transforming and riding the new tech revolution with wrong leadership. They got rid of so many good people and want to cut. Look at the comp structure at Google, FB, Amazon of the world. MS cannot transform unless they pay well to their employees. These companies pay more to their junior empolyees than MS pays to VPs/EDs.

@12nq0mOz-7vuz "we will get an amazing bonus"

LOL

@12nq0mOz-7rpq When's last time you sit down and read a book? You obviously missed the point of @12nq0mOz-7vuz and let your emotions controlling yourself rather than rational thinking.
@12nq0mOz-7vuz is trying to point out how people are being manipulated and how easily we forget, but those who downvoted it just saw 2 words "big bonus" and got angry. Again whoever wrote @12nq0mOz-7vuz is right: "We’re pathetic. Buts it’s true."

"Next year on comp day we will get an amazing bonus and all be talking about how great a place Morgan Stanley is to work.
Management is not stupid."

He thinks he will AMAZING bonus next year!!! LOL!!! LOLLLLLLL!!!!!!!!! That made me laugh.
LOL..... He also thinks Morgan management is not stupid. lol.....

Morgan was good, still there is some good. But it's going down slowly. EDs and MDs are taking the folks granted who run the day today business. They are focused on the new cool tech. e.g. public cloud or kubernetes etc. Because it sounds cool. Even though there is little value in it today, it gets more attention and more money compared to the people and tech which is keeps Morgan going.
They get cost cutting and lay offs instead.

@12nq0mOz-7mdv - Which CIO ? I was part of the April 2016 RiF within MSWM IT, he is gone and took a bunch of his ex-Merrill buddies with him, but I was a casualty of all that along with the rest of my department of longtime MS veterans. I heard MSWM IT was not affected much, but NYP had 35 MDs cut last week. Brutal.

I started at MS in 1986 and made it through some great and some terrible times. MS will always be special to me. The people that I worked with through the years are some of my closest friends today. It is only when the keys to each kingdom (department) are given to someone incompetent that starts to spoil it for everyone else. When you multiply that type of behaviour throughout a great firm, it turns into a cancer. Sometimes cancer can be cured. Good luck to everyone.

The sad part of all this is those who are not cut are relieved, but feel badly for those who were.

By next week we will have forgotten about it as we gear up for the holiday season still employed.

Next year on comp day we will get an amazing bonus and all be talking about how great a place Morgan Stanley is to work.

Management is not stupid. They understand human nature. As shallow as that sounds. They’re right.

Anyone on this forum still employed at the Firm will love it again on comp day. We’re pathetic. Buts it’s true.

When is CIO getting canned?

@7xih You are thinking as if folks knew they were up to be let go days or weeks in advance and are ready with all the questions. Folks being let go are are barely processing the shock let alone being able to think about all these follow-up questions. You try being brought into HR literally last minute and told all kinds of reasons why you are being fired and you tell me if you can come up with any rational questions. Please be mindful of what folks are going through.

Wasnt there the HR rep when you were told that you’re being let go? The HR rep was there to take these questions I think? Being on the payroll doesn’t have anything to do with your next job. If you get your next job next week yeah you’ll be getting two paychecks.

Agile transformation

"I was told , we stay on MS payroll for 2-3 months . Does that mean we cannot accept new position until then without informing MS ? Are we still bound by MS policies until we are getting paid ? "

I have the same question. I have comments from few people who were let go in 2008 or so. Can they please comment on this?

I was told , we stay on MS payroll for 2-3 months . Does that mean we cannot accept new position until then without informing MS ?
Are we still bound by MS policies until we are getting paid ?

Does anyone “audit” HR? Given the state of internal audit which is in complete shambles I doubt .i f they don’t catch the bad stuff in equities and fixed income ,cannot expect them to do much for HR. Good luck guys .

Wonder if comp will be sh–. Probably will.

2018: Agile, the new religion at MS, decided by an ex-trader who bet the house for a big ROI that he saw from the BGC marketing brochure

And the we have this

Denial -> anger (we are here) -> resignation (Q3 2020) -> depression (Q4 2020) -> Acceptance (Q1 2021) with him taking full responsibility

People will be talking about this in many books

Is it done in NY anyone knows?

No, people still walked out as we speak. Take cover!

Is it done in NY anyone knows?

I was let go but I am still on Morgan's payroll till Feb 2020.
Do I have to formally resign from Morgan when I find a new job?

Pathetic Hey

Do you get a 2 weeks for every year of service? and in total over 40 weeks?
In other words, do they give you 10 months salary as severance?
Thank you and God bless you!

I worked at MS for two decades and it seems they are refreshing blood under the restructuring and economic outlook. Most of my colleagues who started around the same time were lay-off this year . It’s terrible and I worked extremely hard long hours and weekend in IT but like other stated they make you feel inadequate and never enough even I was doing the work of 3 people plus leading a big global team... so it doesn’t matter how hard and smart you work . .. IT is considered a utility and very political and when your time comes accept it and move on ... and for those that are still employed take advantage of the training programs to upgrade your skills set and actively network with other companies as you never know and hit by a truck unexpectedly ... good luck to everyone impacted in their job search and may soon find other opportunities...

about 3 hours ago by Anonymous-GBA | 11 reactions (+11/-0)
Post ID: @12nq0mOz-5qyz

I got axed back in early 2008 after Zoe Cruz effed the place up then skated off with millions in severance. Best thing that ever happened to me. Hang in there; there is life after MS.

We get a head start on the job search and a severance. I can't imagine the company getting any better like this, and would expect the remaining people to leave voluntarily.

"Some VPs in Montreal lost their entire team. I can't imagine these VPs sticking around for long, and wouldn't be surprised if they will be laid off in January."

I knew someone in similar position. I don't think that one cared about the job and reports at all and would consider quitting. Survived multiple firing rounds and had a stance of caring primarily about own employment, position and benefits. Not a lot of interest to primary responsibilities. But can you blame that person for remaining?

"Almost everyone is short staffed. ...."

That's the company's problem. If you're asked to stay late for whatever reason, or work weekends, be sure to get overtime pay or get time off in lieu or a big fat bonus check.

For example, if you have an evening release come in late that day. If you need to work on a weekend, take Monday off.

IMO, we all should share some part of the responsibility for what has already happened instead of whining about being a hard worker and loyal for years to be treated like this at the very end. Be loyal to yourself, family, friends and people in need. At a job, you get paid for what you do. If you are one of the fortunate ones, your coworkers end up being some of your closest friends.

Well, I am workaholic by nature. But, I have finally managed to control myself not to exceed 40 hours a week. I still do, but there will plenty of weeks I will do less than 40 to make up for it :)

Some VPs in Montreal lost their entire team. I can't imagine these VPs sticking around for long, and wouldn't be surprised if they will be laid off in January.

I worked at MS for two decades and it seems they are refreshing blood under the restructuring and economic outlook. Most of my colleagues who started around the same time were lay-off this year . It’s terrible and I worked extremely hard long hours and weekend in IT but like other stated they make you feel inadequate and never enough even I was doing the work of 3 people plus leading a big global team... so it doesn’t matter how hard and smart you work . .. IT is considered a utility and very political and when your time comes accept it and move on ... and for those that are still employed take advantage of the training programs to upgrade your skills set and actively network with other companies as you never know and hit by a truck unexpectedly ... good luck to everyone impacted in their job search and may soon find other opportunities...

@12nq0mOz-5ubt - Sorry my bad. I didn't realize you referring to grad signon bonus. yes this is absolutely necessary for the fresh college grad starting a new job.

Does anyone know how are things going for Research? Is it one of the divisions that were hit hardest?

"why do people work weekends and long hours?"

• Almost everyone is short staffed. For some people, if they don't work longer hours, the work will not be done.

• Bureaucracy. It's really hard to get things done at Morgan. And our new religion, Agile, is unfortunately not looking like it's the antidote to bureaucracy, and so far is not making things better for most people and is generally increasing negative sentiment, as much of it is just adding more process.

• A lot of deployments need to happen in the evenings, so you're stuck at work. Good luck if your change doesn't work, now you're getting home at 10 pm.

• There is a culture that makes people feel like they're inadequate, so they try to compensate by working longer hours. This whole transformation business is going to only increase people's feeling of inadequacy, and many will just leave to find some place else where not every aspect of how you do work is dictated by efficiency obsessed managers.

• Almost everyone has some level of anxiety about losing their job, because it's quite common at Morgan to lose your job. That makes some people think that if they work hard (aka long hours) they'll be spared.

• These are a minority, but some people just like to work long hours.

News is the cuts are done for most sites at least for this year. New York and London are still cutting until Thursday.

some people are getting 4 months, a resume writer and job recommendations ? Sounds like BS to me. Also hearing that today is the day for consultants

"Just wondering why no one is raising any concerns about misuse"

why do people work weekends and long hours? is it because u guys have no life? do u even get paid to do it?! you are making other people's lives miserable by doing this yourselves. and, you have smart/lazy people taking advantage of the policy changes, metrics, etc, etc until the whole thing just blows up in everybody's faces.

push back. enjoy time with your family and friends. if u don't have any find a hobby or something else to do. volunteer work. if you still got nothing to do, just stay home and sit on a chair even if it bores u to death. but don't do any overtime if u r not getting paid for it.

all this IMO - i learnt it the hard way

"'I heard this is far from over and to expect more in January.'
Was the source reliable?"

The source was fairly reliable/connected.

This is going to backfire on the Firm. Had my CV out two days ago and already received 3 calls for an interview. In these days of labor shortages jobs are aplenty.
Lot of bad taste in people’s mouth now and the Firm is going to have a hard time retaining people now.
More work, less people, same pay.
I’m outta here. How many more will follow.

@12nq0mOz-5gis Yeah I am an MS employee. So far I haven't been laid off. You?

"sign on bonus wow!!! MS still offering? and laying off to save cost. Amazing."

Idk if this is the right thing to be mad at. The grad sign on bonus is peanuts compared to the salaries of the people being made redundant. They're usually called relocation bonuses and grads need them to be able to get started at a bank after college - smart clothes, smart shoes, somewhere to live, furniture etc

This very understandable anger may be better directed to the $26m paycheck of the CEO...

Someone I know also got the call while working from home. How horrible. Not sure what would happen to those on vacation, though.