The back story according to benzinger: Less than three years ago, Morgan Stanley laid off more than 2,500 employees. The layoffs weren't too shocking at the time considering the circumstances. We were on the cusp of the biggest financial crisis in years, along with an economy that was not doing well and was about to get worse.
In the latter half of 2009 Morgan Stanley announced that it would hire up to 400 traders and sales staff. While this couldn't make up for the many jobs that were lost, it was a positive sign for the company, and gave hope to financial professionals who wanted Morgan Stanley to return to its former (thriving) state.
Unfortunately, the company's hope is beginning to run out. According to the Wall Street Journal, Morgan Stanley is getting ready to reduce its workforce by 2.6%, which amounts to the loss of another 1,600 jobs. A spokesperson told the Journal that the layoffs would follow Morgan Stanley's “year-end performance-management process” and its evaluation of the “right size of the franchise.”
Read more: http://www.benzinga.com/news/11/12/2216812/morgan-stanleys-workforce-problem#ixzz1h0hwGjIo
No comments:
Post a Comment