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Morgan Stanley's Holiday Present To 1,200 Of Its Best-Paid Employees: Pink Slips
While it will hardly come as a surprise to its employees (who were warned a week ago that 25% of all fixed income workers would lose their jobs in the immediate future) most had hoped that the bailed out bank would at least have the ethics to wait with the layoffs until after the new year, now just three weeks away.
It did not.
As Bloomberg reported moments ago, Morgan Stanley announced it would take a $150 million severance charge in the fourth quarter as the company pares back its fixed-income trading business to improve profitability. The charge will cover the cost of cutting 1,200 workers worldwide, including about 470 front-office employees in its fixed-income and commodities trading business, according to a person briefed on the matter.
As Bloomberg calculates, the cuts amount to 25% of Morgan Stanley’s traditionally best paid fixed-income trading staff, and other reductions came in infrastructure and support roles at the firm, said the person, who asked not to be identified because the figures aren’t public.
And since the layoffs are strategically timed to take place just before bonuses are handed out, New York is looking at a another sizable drop in year-end consumption that would have come from its best paid cadre of residents, bond traders, who instead will now be scrambling to find jobs (there are none) and failing that, to get out of the city where rents sternly defy the Fed's deflationary narrative.
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At least they got to take a FREE cardboard box home...
And I'm just guessing but I think there will be a lot of pens and staplers missing next week...
Hang the mother fucking banksters.
If they read zerohedge, then they had more than three years notice to get prepared.
YES!
We fired some folks.
Thankfully there are PLENTY of GOOD part-time bartender and waiter/waitress jobs!
Economy... BOOMING!!!!
Free gubmint stuff for EVERYBODY!!!!
C'mon, these fired people have SKILLS. They can fellate like nobody's business!
Their skills are manipulating hundreds of billions of dollars. They are liars and crooks. Let their shoes hit the pavement.
Good thing there's a safety net: NY has approved a gradual increase in its minimum wage to $15/hr!!!
http://ny.eater.com/2015/9/10/9306089/governor-cuomo-announces-all-indus...
In this time of low interest rates, no spreads and high transperancy, a lot of traders are forced to walk. These are not the "banksters" that have caused all the problems. I know many who have taken the axe.
While traders pushed the brokers around in the past, if you don't have a book now, YOU ARE FUCKED!
Maybe they can form a network and have Bollinger together or something.
In the 21st century, if you "trade" paper products for a living, you are a useless eater. You provide no worth to this world and only take, take, take. Your only job is to keep shuffling paper around until useful things cost more to the end user. Good riddance!
In the end they all will go after each other, cannibalism coming to Wall St.
No, let them suffer out in the shit job market they've fostered the deterioration in.
MOAR! MOAR! MOAR!
So Long Card board boxes?
always an oppurtunity in this insane matrix
Red Swinglines?
pun +1
time to place entry order to buy international paper company. demand will be soaring for cardboard boxes.
@SuddenDebt,
That box isn't big enuf to live in, bridge or no bridge.
That may be an assumption on your part - Accounts receivable will be sending out bills in the new year.
Morgan Stanley is Scruge. A fucking scum.
MS is a walking zombie. They've screwed themselves plenty.
Morgan Stanley's Holiday Present To 1,200
Can we not make it 12,000 to make it a truly jolly Christmas?
They're only getting fired, not tried, convicted and sentenced.
True, but on the bright side it does open the door for more bankster suicides this holiday season.
From your lips to God's ears.
Jump, You Fuckers!!!
they had to be fired BEFORE bonus payouts. duh. expecting a 300K bonus this year to out of a job. too funny!!!! cant say i feel any pity for anyone working for any of the TBTF criminal banks.
while i abhor the TBTF banks and the industry as a whole there are real people working for these institutions. you know friends, family, etc. not everyone can live their convictions in such a pure way and neither can you or i.
You can probably say that if those employees didn't have any idea of what they were involved in but they've just been handed an opportunity to wake up and smell the smoke from a smoldering mess of an economy and the stench of an evil industry. Not much sympathy from my end; spent 15 years in corporations, 5 in 'corporate' and that was more than enough for me and I didn't sell my soul or take anyone else's in the process. Fool me once...
Rikky
The degree to which your actions vary from your convictions is directly proportional to the amount of suffering you will endure. Your philosophy feebly attempts to justify the choices the bankster's minions made when they sold their souls in hopes of someday being the next The Bernank. No quarter for banksters. Try again.
I'm surprised MS is still around.
So are they.
With technology at today's levels what the fuck do you need human bond traders for anyway? We know the algos already run everything else, why not bonds too?
How many job postings do you see for elevator operators any more? Probably good reason for that.
Bonds are a delicate investment that needs constant research, believe it or not as everyone thinks ALL bonds are safe. There will always be a need for human interaction. But with no yield, there are less tradesrs.
Thank you Alan, Ben and butch dyke for screwing the elderly out of their savings. may you rott in hell!
http://www.wyff4.com/money/anglo-american-to-shed-85000-jobs/36852626
Looks Robust!
http://www.zerohedge.com/news/2015-12-08/worlds-fifth-largest-miner-anno...
And the FED's heavy hand is levitating the market upwards. We will be in the green by the end of the day.
1200 useless paper pushers now have to find another place to sit on their ass and surf the internet all day. *small tear runs down cheek*
Those guys really need to figure out how to make dead man switches at their jobs.
Anyone going through MS to buy a bond is getting ripped off, you can see it in the bond prices. People understand this with low interest rates and have had enough. Discount brokers like Schwab are much cheaper.
Call Schwab and ask 'em to bid 30 million triple-B rated bonds and see how long you have to wait on the phone for that bid.
Good
When the financial sector suffers, then the end is near
Trying to bait a mass shooting?
Bearish for the Coke&Hookers Index
At least in NY, but prices came down in Canada and Greece.
Whites Shoes Are Out of Season
Thought employement was doing so well? Where does he go to Macy's or Burger King? hmm
Never see it with Goldman.
Part of the severence package will be window welding and safety net installation services. Discounted rates on nailguns tho.
Gonna be hard to buy hookers and blow working for Uber, Wal-Mart or bartending. How's that hope and change working out for you MS workers?
Work at Walmart and wait for the Price Rollbacks in the parking lot. Five dollah blows from hookers....
It's probably best to cash out your 401K and Profit Sharing Plan right before 70% of it disappears in the next crash!
401K? What's that? I believe that Obama Messiah will take care of me with the myRA
Another good reason for gold to go down. Keep papering, boys.
So what? They are already billionaires...
it really is a club folks, at least until the guillotine starts taking some fucking heads. Until then nothing really changes...
guess these guys didn't spend too much during BF...
$150,000,000 write off equates to a $125,000 severence package for these 1200 useless paper pushers.
That's some Ho! Ho! Ho!, Merry Christmas!!
"most had hoped that the bailed out bank would at least have the ethics to wait with the layoffs until after the new year,"
I don't think it's a question of ethics. Maybe good taste, or kindness. But when did Wall Street firms ever care about good taste or kindness? Especially towards their employees.
Wasn't it the head of Morgan Stanley, John Mack, who was famously quoted as saying that Morgan Stanley wanted to "rip the faces off" their customers in its search for profits?
No sympathy for these employees, especially the highest paid ones. They'll slit our throats in a heartbeat.
In the video on Bloomberg's website, Betty Liu seems happy to hear the news, but she hasn't gotten her pink slip yet.
However, in regards to the guy in the video saying these guys EXPECT big bonuses every year, there are many people who view these characters in the same way, and are probably thrilled to hear this news!!!
See? -----> AIG Executive TALKs https://www.youtube.com/watch?v=owy0-3CJkVI
I have tears streaming down my face as I type this, oh the humanity..
.
.
You got me, I lied.
heehee
fuck em.
Why would a secular humanist institution filled with greedy secular humanists worry about getting rid of excess secular humanists until after Christmas?
Meh... I like the nail guns better.
They can all get Gubmint jobs processing Obama imported hispanics and muslims. Processing a trade, processing a non white, under educated "victim" ... not a lot of difference. Actually they could help build the Illegal immigrant Clearing House.
Y'know if the Oabamcare website that doesn't work, cost $ 5 Billion, the Illeagl Immigrant Clearing House, that won't work, should cost about the same. Obama's people can do anyhting for $ 5 B.
why would they wait until after the holidays cut throat stab your mother in the back to make a buck types look at compassion, love and all that other stuff as liabilities.
"another sizable drop in year-end consumption that would have come from its best paid cadre of residents, bond traders"
In a world where bond traders make up a city's best payed cadre, we are living in a fake economy. Any system that rewards bond trading as the most value added job around, well, it's all fucking fake, because they add jack shit in real wealth creation.
Well, each one had to buy a cardboard box.
"But...but...I invented the credit default swap!!!!"
The bleeding has only begun.They need to cover the billions in $90 oil hedges they sold that are blowing up in their face.
Lehman, anyone?
You did not build that bond trading desk.
The end of 2015. The bond trading desk is dead.
And the only money-making enterprise is the Geek-factory that churns out the code for algo trades. And they ONLY make money because they gain access to market data faster and in a way that normal investors can't ... by ROTTEN STINKING DATA ACCESS IN THE US MARKETS.
THANK YOU MEMBERS OF THE FED - For making this outcome possible.
Congratulations for your undying commitment to spoon-feed FREE LIQUIDITY to cut-throat traders who will never generate real productive investments for America.
They can always become whistleblowers. ;-)
Show the world what a scam investment banking is.
Guess there's few sheep left to shear, so the wolves slim down their pack.
How Dickensian--laying off filthy fucking bankers two weeks before XMAS.
Ha!
A nail gun makes a fine stocking stuffer.
There goes hanukkah
You bashers have no clue what Fixed Income traders actually do for a living. Fixed income is debt pure and simple. Bonds allow cities to fund it's utilities, activities, build it's schools, stadiums, infr-structures etc. and allows corporations to fund their economic activity that amazingly provides some of you morons with employment...or the govt to pay your SNAP/Welfare tabs! Without FI traders who provide liquidity to the debt markets, there'd be no commerce or economic activity period. When you see FI poeple getting laid off or fired it's a sure sign of economic stagnation or downturn...thank obama & dems/leftists for the global economic slowdown and the FED for the crippling low interest rate environment that's choking seniors and ritirees....and be careful...your job could be next to go if we continue on the current recessionary path.
just sayin...
Wow! Fixed income traders are really what makes everything unicorny in the world. Maybe they can all go get a fucking hammer and build granny a new house instead of sitting in front of a computer spending money that was ginned up from nowhere by a bunch of corrupted central banks.
perfect example of shortsided ignorance....can't fix stupid. FI traders sold the bonds that funded USA Corps allowing them to build the factories that built the hammers and nails, the lumber and tile and the sinks and appliances, etc. etc. etc. so granny could have a house built by Habitat for Humanity, coincidently a charitable entity that many FI traders help fund and give their time too. Granny said thank you very much, as should you. The real losers from MS and other Banks/Brokerage FI dept layoffs will be all the the charities that they can no longer support to the degree they were before being fired. Obviously I know many of these people and I know how charitable they are...Don't be a hater just because they made a lot of money.
Keep upvoting yourself, b/c nobody else is going to
edit: Btw, all your "charitable" friends should go fuck themselves. You can't rape and pillage a society by day and throw some crumbs to charity by night.
Real American Heroes!
Sure, bonds are essential to commerce and deliver significant productive value efficiently connecting lenders of money with borrowers. In a free market for money, that would be that and your story would be rock solid.
But in a cronyist-dominated, Fed-manipulated "market" for money, bond traders at franchise-holding, regulated TBTF banks receive heavy government protection from competition. Receive bailouts on demand at taxpayer expense. Receive privileged access and info from the Fed. And most importantly receive Fed printed money first, before anyone else in the economy, and thus become the expropriators of the earned wealth of all the rest of the population when they spend that money to buy goods and services at artificially low prices. This makes bond traders and their employers extractors and destroyers of other people's earnings at massive scale.
A car can be used to drive people to work. Or used to intentionally run over pedestrians. Bond traders do mostly the latter, but like to talk as if they only do the former. Your propaganda won't work here.
"Without FI traders who provide liquidity to the debt markets, there'd be no commerce or economic activity period."
Bahahahahahahahah. Get over yourself, fucktard.
Aren't these traders part of the crew that enabled 20 individuals in the USA to accumulate more wealth than the lowest 50%.
They aren't traders they are traitors.
And lucky for them now they get to experience the real America personally.
Karma is a bitch sometimes.
Bill
Everthing's tightened up for the crooks.When you can longer make money the illegal way because of billion dollar fines and every regulator in the world watching you,then you have to lay-off all the low level gangsters that had been putting on your crooked trades.The big boys drew too much attention to their behaviour.
No meaningful US financial sector 'recovery' over the long term until most of those people in the bank towers are paid little more than Wal-Mart greeters, with a few options thrown in on the off-chance that the sector finally does recover.
The excesses given to the sector by long-term falling interest rates are going to be fully removed in the long-term rising rate environment.
MS closed down entire desks in this latest version of cost cutting. This appears to mean that they dont see themselves in these businesses going forward at all. When you close down EM, you might as well close down everything. Maybe thats next.
Yeah, welcome to the real world.
wonder how long before they apply for unemployment