“they are doing you a small favor, giving you a week or two to find another job while you are still technically employed. Obviously they don’t expect you to do any business.”

Aren’t they giving you the two weeks so that your U-4 will look better?  MY question is, if you leave before they lay you off, will protocol allow you to bring your clients with you?  What are the implications if you leave or/vs laid-off and went to another firm vs leaving to go indy or join/start and RIA?

If you are bringing in the assets then I would like to know what is keeping you from going indy.

–WM

Good luck to all today.  All indications point to all POA/PMDs knowing today whether they make it through this round.  The small percentage left will likely see another round of cuts in the near future depending.

I got cut this morning.  Now the job search begins...

[quote=pursuing happyness]

I got cut this morning.  Now the job search begins…

Sorry Hank

It’s happening at my complex now.  No word if they are cutting anyone without DNMs or expected DNMs

Wow, I was told (and posted about it) back on the 16th that ML was suspending its training program; wasn’t sure if it was companywide or just that complex – but it looks from these reports that they are going way beyond the suspension of new hires.  My sympathies to all.

[quote=pursuing happyness]

I got cut this morning.  Now the job search begins...

I was cut this morning as well. I was a stage one PMD. Good luck Pursuing Happyness. I hope your next move is something outstanding!

I heard that U-4 might say released for failure to meet performance standards…which is darn near impossible to do at ML right now. Good luck to all.

I was let go this morning as well.  I was told we will be paid through the 6th and that or U-4 will read that is was due to downsizing.  I was over the all hurdles and less than a month from graduation.  There were at least 8 others in my office as well

I am toast as well. U4 is going to say reduction in force/layoff or something to that affect.  Almost all the trainees got let go even the ones who didn’t have a production number yet.

This article says "several hundred" were let go today:

It sounds like other offices were hit harder and deeper into the program than mine.  We lost three and are left with eight in my office.  Near as I can tell, it is not performance based but moreso based on the amount of “talk” the FA was giving their management about what they “could” bring in.

Got to be tough to do what it would take to build your biz.  I am not sure what you can say to prospects/clients when you do not know from day to day if you will get cut because you did not open enough accounts or do enough gross…brutal.  Just another example how the big producers get bigger, they stand to inherit more accounts. 

I don’t get the layoffs, some happened this week, others last week, it appears that there is a lack of coordination. However, after watching Sontag’s DBS today it seems like there has been little preparation.

Are they going to start closing “satellite” offices?  My buddies are in a satellite office with 5 brokers.  And there is a main office maybe 7 miles away.  Seems like duplication of overhead.

I heard more than half were let go in our complex today.  Good luck to everyone!

I was let go this morning. According to my manager, the priority of cuts called for the firing of all pre production pmds like myself. In my complex, all pre-production folks were cut and some who were in production but struggling were cut. I would love to hear what people in other offices were saying. I was told the cuts for pre-production folks had nothing to do with performance, considering we were not even live yet. Love to hear some more comments.