580 Morgan Stanley Soon To Be Former-Employees Learn They Are Redundant Courtesy Of The Dept Of Labor
Previously it was Credit Suisse and Citigroup. Now it is Morgan Stanley's turn, as 580 employees in the firm's three New York office learn they are about to get the boot courtesy not of the HR department but the DOL's WARN website, which just happens to be the best real-time indicator for observing the transition of the soon to be former 1% into the 99%.
From WARN:
Date of Notice: 12/27/2011
Control Number: 2011-0193
Rapid Response Specialist: Linda Foehr
Reason Stated for Filing: Plant Layoffs
Company:
Morgan Stanley (Various NYC sites)
1221 Avenue of Americas
New York, NY 10020
County: New York | WIB Name: NEW YORK CITY| Region: New York City
Contact: Eric Kayne, Human Resources
Phone: (212) 762-9804
Business Type: Financial services
Number Affected: 580 in all locations
Total Employees: -----
Layoff Date: Rolling layoffs beginning on 12/15/2011
Closing Date: -----
Reason for Dislocation: Economic
ERNUM: -----
Union: -----
Classification: Plant Layoff
Other Morgan Stanley locations affected:
1 New York Plaza, New York, NY
1585 Broadway, New York, NY
750 Seventh Avenue, New York, NY
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Linda is the kiss of death...
Or you can say:
Linda = The Grim Reaper.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/897964...
The new economy
Ghetto style.
http://www.youtube.com/watch?v=pMz_sPs11HU
AND GSTAAD!
Welcome to the recovery.
Ironically, Gerald Celente says, "stop calling bankers "bankers". Lets call them what they really are... Loan Sharks"
How many times do I have to say it? Fuck that gobshite.
Too right, All-Consuming Electric (Elect-clit?) Blue Space Vagina!
On the other hand, there is one Celente point (Local H lyric) I can agree with: Fuck New York too.
Whats New York have to do with this, asshole? Please explain to me why .0000001 of the people in the finance industry had a direct effect on the collapse of the economy. There are "humble servants" out there that actually 'try' to do good for their clients.
Fuck you, you fuckin' fuck fuck!
For crying out loud, he's human....and he speaks the truth as a habit.
True that.
In order to be loan sharks, they would have to make loans, wouldn't they?
my friend is an orthopedist, and is fairly frugal, considering. He is trying to finance (with 50% down) a second home, and BOA has nearly asked for his firstborn.
Christ, that's pretty ghetto sick. When a pawn broker is expanding you know things are tough. But I'd like to know who is regulating him and how much money they'll make? That answer should be pretty interesting. Reminds me of what happened during the depression in the 30's. Pennies on the goods and dollars (%) on the pennies loaned. But I guess if you look at it that any downside presents opportunity, maybe we're in the wrong business. IMHO I think we here on the ZH end have at least more moral than hazard compared to the SIFI. I hope, in all deference to the newly unemployed, that you get a taste of sitting on your hands and staring at a computer screen for months and months on end, looking for a job, that you find what everybody else did.
NOTHING!
Good luck to all of you. Ha! Wait until your unemployment runs out. Pull your cash out of the bank while you're at it. May as well hurt them too. If you actually can.
can't wait for the Jan./2012 ump#'s,
should be nasty
Actually, there are so few people actually employed in this "economy" any more that it's hard for the weeklies to go up much. It'll hover around 350- 400,000 new claims for 6 mos or so, then blow up along with everything else. Could come sooner...the anti-Iran threats in DC seem to be escalating on an almost daily basis.
but don't worry - all of the crooked, graft laden, regulatory capture hacks are still solidly in place....
the gold and oil market manipulators will receive munificent bonuses and the fascist state will march on
From the Tsar Pointless News Network:
Each and every non-employee (i.e. contractor) currently employed by BNYMellon will be "displaced" from their positions at the end of the 2011 calendar year.
That means, by December 31, 2011.
This is COMPANY-WIDE, not limited to one or certain locations.
I have this on two primo and trusted authorities.
In Pittsburgh alone, that's about 800-1000 people. Including yours pointless.
Happy Unemployed New Year, bitchez!
That's nice to hear...I'm sitting in my cube @ one mellon bank center. I guess i should start looking for a new job and how to collect unemployment. How sure are you and where did you hear this?
I've worked with the one source for all of my 3-plus years here, and the other has given me "confidential" information on several occasions that proved to be 100% correct.
So, I'm quite sure.
Collecting UC is fairly easy to do. You can do it online in PA.
Funny. The ZH community is such a small world, after all.
Haha I hope you're wrong this time. I just wanted to make it until the Summer. I can't say I didn't see it coming though, they have been moving many of the menial tasks to Pune in India. I'll keep you updated if I make "the cut"; I just can't imagine them cutting ALL of the temps.
They can cut ALL. It happened to me when they moved all the contract IT labor in PepsiCo IT to cognizant and wipro.
Plan on a future of poor prospects in all professions outside of the ownership caste. My wife says more legal work at her law firm is moving to India in an accelerating fashion.
how sick is it that they are moving radiology readings to india, while americans still have to pay american prices.
there seems to be no "discount" for having the x-rays read overseas.......
globalization seems to be turning out very badly for americans.
Ya think?
You are thinking about this wrong. It's not good or bad for Americans - leave the cultural-centric thought out of it. It's about access to capital & control. It's worked out very badly for the serfs (the majority of Americans), very well for the feudal lords, most of whom are Americans, although a much smaller relative percent...
Just move outside to the People's Tent outside there at #Occupy Pittsburgh. All the winterized tents ought to be much warmer than your shitty apartment with the heat set at 57F.
The Repugs are trying to pass a codicil to the UI renewal for March 2012 that says you must 'look for work' and verify it for each week of UI collected. Good luck with that when the number of jobs offered is zero.
displaced as in they are' moving out of high rent properties to something more affordable?
Anybody know the specifics on bonuses paid to the top tier CEO's of Morgan Stanley for 2011?
Gorman totaled at 15.185MM. You can find more info on others on the DEF 14F's on EDGAR.
i personally don't really like HSBC. When is it their turn?
Nobody likes HSBC. Unfortunately, they are a subsidiary of the Morgue so... keep waiting...
I hate the UBS criminals. When will they fire/give away their US unit? U - Bin - Screwed!
HSBC has been shedding jobs and divisions globally all year long. More to come? Probably. World wide restructuring.
....
Contributor rank / contribution to Romney / bailout amount
1. Goldman Sachs / $367,200 / $22.9 BILLION (incl. AIG)
2. Credit Suisse Group / $203,750 / $400 MILLION (incl AIG)
3. Morgan Stanley / $199,800 / $11.2 BILLION (incl AIG)
5. Barclays / $157,750 / $8.5 BILLION (incl AIG)
7. Bank of America / $126,500 / $50.2 BILLION (incl AIG)
10. J.P. Morgan Chase / $112.250 / $25.4 BILLION (incl AIG)
16. UBS / $73,750 / $5 BILLION (incl AIG)
17. Well Fargo / $61,500 / $25 BILLION (no AIG)
19. CitiGroup / $57,050 / $47.3 BILLION (incl AIG)
....
In total, these companies gave $1.359 MILLION to Mitt Romney, and received $195.9 BILLION in bailouts from the taxpayer. As you can see, politicians are high-yield investments.
....
*other notable contributors:
6. Kirkland & Ellis / $132,100 / 7th largest law firm in U.S., NYC based, clients include GM (bailed out) and Raytheon (M.I.C.)
....
Sources:
(Romney contributors)
http://www.opensecrets.org/pres12/contrib.php?id=N00000286
(direct TARP bailout)
http://projects.propublica.org/bailout/list
(bailout via AIG)
http://www.businessweek.com/the_thread/economicsunbound/arch...
(kirkland and ellis info)
http://en.wikipedia.org/wiki/Kirkland_%26_Ellis
That's good to know. Of course, this would be payment for potential services, since Romney did not hand out those bailouts and is not yet in a position to give them their money's worth. How about what they have contributed respectively, to Obama, Bush, and McCain for their services/potential services? Wonder also how much has been contributed to Obama for 2012 campaign to hedge these bets on Romney?
Romney=Vanilla
Obama=Chocolate
You choose, 2012.
ice cream flavors during ice age. What freedom!
Douche vs. Turd Sandwich. South Park shows the way.
http://www.southparkstudios.com/guide/episodes/s08e08-douche-and-turd
.
Guess we'll elect a swirl......
It's called seed money.
And that's why big corps continue to pay the US tax rate. The return on campaign contributions is best in the world.
"plant layoff"... how appropriate...
Too bad, so sad.
as Mortimer said when his brother was having a heart attack n "Trading Places"...
"fuck'em"....
open season on banker ass bitches - bitchez!!!!!
Would you like some Zyklon B with your matzos?
I saw a "part time" help wanted sign today at a Chinese take out place. Hurry down
Sadly there is an email at MS going viral right now. It reads: zerohedge beats management at telling of layOffs. Data download levels skyrocket.
Data downloads = Frontrunning I can live with
And, just last evening, watched the CLooney movie "Up in the Air". Fell for Vera Farmiga all over again ... but I digress ...
The movie explores the idea of lay-offs via internet, similar to break-ups by text. This DOL website abstracts that idea another step into absurdity.
I can't say much... but this is outsourcing related. For finance. Nothing is safe.
I work for C I G N A and management is in the process of outsourcing the accounting department to a Global Service Provider.
So sorry banksters!
If you're looking for work, lawnmowers and mops are out back. Maybe I can tell the Mexican help that their jobs have been outsourced.
I got a tree that needs trimming. I pay cash.
Yes, because the lay-offs certainly will come at the top-end. They won't be cube-inmates making a barely liveable wage in Manhattan...moron..
Good-bye bitchezz
Plant layoff. That's rich. 2012 could be a brutal year for layoffs with some nasty headline earnings reports.
I very much doubt that the 580 laid off employees are part of the 1%.
I doubt any are. MS is soon to be a "paper-free office", meaning bring your own toilet paper.
I like how it says: reason for filing: "plant" layoffs; as if they are referring to a US firm that actually produces/makes anything
I didn't see it that way. You're right though. Spot-on! Bankers are like the military, they don't produce anything tangible. Just Death, destruction, debt and general mayhem!
Being in the military, it pains me to say that.
They produce massive debt based on a solid structure of fraud and corruption
Welcome aboard! Have a seat 'n grab your self a blanket, some soup and bread...rub shoulders with the Hoi Poloi....
I'm sure none of the laid off were of the evil, Satanic tribe that is behind it all!
That particular bunch needs to be hunted down on the street one by one.
I love it when Bankers eat their young! At least they waited until after XMAS. That was nice.
I hope some of those ass holes drinking champagne from the balcony overlooking the OWS'ers are among the jobless......PRICELESS
Burn, baby, burn.
If anyone knows anything at how these bank work, the 1% will be unaffected. There will, however, be about 290 wannabe 1%ers who just found permanent exclusion and 290 others who are living paycheck to paycheck that are just being sacrificed so that the 1% think they're doing something.
1,000 MBAs for each 1 McDonalds job.....I see it all now...
More bread, less meat. Ouch.
"Hey kids, party is over, go down to the SEC and see if they have a desk and some porn short-cuts on the desktop for you."
They'll all go live with mom now.
Too cruel, too cruel. Watching my Mom go Banksta.
DOL will find a way to stop doing this now thanks to ZH utilizing their service. WHat once was a service to the nation will now disappear as a service to the Agenda. Just like we cannot measure radiationif the reporting of radiation is removed. It's not there if its not reported! Best reporting anywhere for now is ZH.
A whole new class of washedups is born. A snowballing effect leading to permanent unemployment for legions living paycheck to paycheck, saddled with debt and crumbling hope. Globalism in full swing.