I was ED in MS and got laid off recently after almost 22 years.
I started applying for a new job, only to find that there were not that many openings.
So I applied to VP positions as well in desperation.
I knew how much the VPs in my team were making, about 20%-30% less than mine.
Recruiters reached out, followed by interviews.
Bad news is that I landed a job as VP, one level lower than what I was in MS.
Good news is that my pay is actually 10% higher, and I am on the track to be promoted one level up.
So, even you get laid off, that's not the end of the world.
God will open a door for you if MS closes your window.
11 replies (most recent on top)
Praise God for sure! Thanks for sharing your story
Hows the new job going??
i think this was a WM Ops person...
I am curious, how many people are on Research and affected. I was one of them back in 2019
Thank you for the insight! At this time, we are still on payroll and get paid bi-weekly, then technically still employed here? I think even employment verification letter will state we are currently employed. Maybe holding off spreading the news till we are not on payroll anymore? But on the other hand, recruiters in finance might hear about these layoffs and guess what happened.
It definitely will weaken our position, which means next job might be just a stepping stone to a better one. It is like a crash and have to start from ground up again.
it really depends, some hiring managers/recruiters have prejudices against people who got laid off and view them as losers/underperformers. Some hiring managers/recruiters view it as a bargain opportunity because they get a lot of such strong candidates for conservative pay expectations.
One of them literally stopped interviewing me upon hearing that I was laid off and was no longer with MS any more. Another asked whether that meant I can start working immediately.
On average being laid off is not a good thing and it weakens your ability to negotiate a better pay.
I am also caught up by it yesterday.
Would like to ask a question about our employment status and how to communicate to recruiters when they reach out to me or I reach out to them? We are technically still on payrolll. Any suggestion from our excollegues here who managed to find a position with another firm quickly? Appreciate you sharing the tips. What if recruiter asks if I am affected by the job reduction? I think other firms can look up finra records which I believe Morgan Stanley will update soon
I was caught up in the MS layoffs today. This is very encouraging to see even though this has been so hard to process.
So good to hear. Congrats ..
That’s a long time, congrats on the new role already. How did recruiters find you or did you have contacts already? More importantly how are you feeling?
That's awesome! Can I come work for you?