If Morgan Stanley really wanted to cut costs they should cut back on the frivolous spending.
Revenue generating departments seem to have endless funds for all sorts of shenanigans.
I’m sure if the firm cut back on a firm paid vacations for clients we could keep these employees...
The firm suffers when they get rid of good employees providing the manpower.
Now everyone else is gonna pick up the slack and still get minimal to no pay for it.
@12rznZYN-ytn - someone should give granular details to shareholder/analyst and government agency about how this company let some power abusive people to spend travel budget and enjoy great time in different country through out the year and how much can be saved if those are gone including those people who is doing it.
Frivolous Spending doesn't equate to this:
1500 Jobs X $100,000 salary/benefits avg = $150,000,000 per year savings. And, that's a very conservative estimate. That's what the analysts and corp shareholders want to see.
To the joker below saying beef up internal audit ... yes after getting completely rid of the present lot. They don’t do much.
Why think about this? “Think like an owner” is no longer the core value. There is a reason.
or beef up internal audit teams - there will be a ton of savings just from that work