any word on the reason for the recent/ continuing upcoming bulk job cuts and reported bulk jobs moving to India? headcounts projected to be slashed at etrade and morgan. what is really going on?
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I second the comments on the toxic culture. The stress is real and the egos are through the roof here. It's like all of management at all levels gets off on giving veiled threats about your performance if you don't make the rounds to suck up to everyone. Most firms are like this but Morgan by far is the gold standard for job insecurity fear. Still here but actively searching for a better culture fit. A few lines in the water, should be able to leave in the next few weeks I hope.
“anyone know how much the severance pay out is? (asking for a friend)...”
In UK back in 2019-20 roughly equivalent to 9months after tax pay. This includes notice period, consultation period pay and severance.
Given I secured a job straight away and started the day after final consultation meeting with HR, it turned out to be quite nice for me. Specially with the salary bump from the new firm.
Always have outside options and be ready to walk. Specially if your manager is an ahole or you have the slightest doubt.
In relation to what ppl say about stress, I completely understand. MS has a stressful toxic work env. full of politics. Only when looking from the outside, with inside knowledge, comparing to my current job and company, you begin to truly see how stressful it was working in such an env.
If you take a job here at Morgan there is always a 50/50 chance. Same goes for any big name firm. Schwab dumped a ton of its staff before and at the beginning of the pandemic, now they don't understand why no one wants to work there anymore. Morgan will lose in the same manner
Look at the 2019 layoffs for Morgan. There were 2 sets. 7500 in September and another 1600 in December.
Morgan formally announced the closing a really large etrade center. They kept press really quiet on it but the severance packages have already been communicated to everyone. its rough here. etrade was just purchased recently so its a big flag for other firms who get acquired. Consolidation of a lot more functions will take place in nov/dec before the new fiscal year. Several thousands of jobs will be cut at all levels. Like the other post said, a lot of decreases are coming and if you're not vaxxed then you are first in line out the door. There isnt any talk of salary decreases. The hard truth is that taking a job here is a risk because today you are here and then gone tomorrow. Doesnt matter what your title is. Besides, the culture is cr-p and toxic. Stress levels through the roof. They keep telling everyone to use the free therapy that the firm pays for but think about it...how much therapy would be needed if the job didnt suck so much and the company didnt treat people like sidewalk trash.
I agree that no job is secure in this present climate. But having been busy shopping over the last 12 months (with two acquisitions), how do you all see MS performing this year and next in terms of consolidating it's employees at MS with the two new companies? Is there a grapevine about any possible restructuring/layoffs?
Thanks!
The firm only committed to no layoffs in 2020 during the pandemic. Like everyone I hate to see annual layoffs, but most of the other firms do it too. There is no job security anywhere really.
I'm contemplating on accepting an offer for a VP position at MS New York. Can any insider give me a good idea about any anticipated layoff talks or reorgs that might result in layoffs this year or early next?
anyone know how much the severance pay out is? (asking for a friend)
Word is they duped you into getting vaxxed only to lay you off.
India labor is cheaper. Its gonna be the worst job cut in the last 10 years for Morgan. They are ki----g off a ton of ETRADE jobs within the next 6 mos, and everyone that didn't get cut at Morgan since Covid began is getting walking papers this winter. Start looking for another job now. I just transferred departments and I regret it. The writing is on the wall.
kinda pi---d about getting forced into getting vaxxed with the impending workforce reduction while Gorman and the top brass rake in the double digit millions. Didn't he say they were not gonna fire during the pandemic? now they are cutting the jobs of the same hardworkers who kept the company running during a really hard time in the US. The way they treat employees like disposable objects is sheer BS. I don't care about politics, it just pi---s me off that there is ZERO JOB SECURITY WORKING FOR MORGAN STANLEY. None. PERIOD. Does anyone have the list of site closures yet? is it just the ETrade and Morgan employees getting let go or will they supplement cuts with the Eaton Vance people?
I feel bad for all thos people who got vaccinated to keep their job.
All he-l is about to break out this winter.
They are not vaccinated in India. Very low percentage at around or under 10% as I understand.
America is 53% vaccinated.
Think.
too many people dining out in NYC according to Gorman...