Thread regarding Morgan Stanley layoffs

This time they chose to layoff people from the company they acquired. Regardless of job performance. MS stripped people of their worth, their businesses and livelihoods while lying to employees for a year, then lying to ETrade management about what they were doing. 200 people or more lost their jobs. The entire branch network of ETrade is now completely eliminated. They mostly kept people licensed under 10 years in the industry. 75% of the people laid off fell under a protected status. THis was well orchestrated and planned. MS treated ETrade employees like garbage. They literally told them they do not create any value in the firm. MS create an extremely stressful, toxic and hostile work environment. MS EDs talked to ETrade employees like they were dogs.

There will definitely be layoffs once the integration is completed. Employees on the etrade side will have a stronger chance of surviving post-integration as historically management has laid off on the MS side. I worked here during the Smith Barney acquisition and watched management jettison dozens of loyal MS employees without batting an eye. With Covid, the number of long term MS employees ring laid off will accelerate in 2021.

The bright side to this is the opportunity to be the survivor of an acquisition/merger (whatever you want to call it - because each has its own connotations). I was part of the legacy Morgan Stanley & Co, Inc. side of the Dean Witter, Discover (MSDWD) deal and the Smith Barney (MSSB) deal - with the right luck and alignment to the right teams and people and competence to do your job, Integrations/Disruptions like these always present opportunities to do your best. Good luck !

There will be redundancies:

• HR
• IT
• Platform
• Marketing
• Finance (limited), probably AR and AP
• Tax

I am sure there are other areas as well