MSSB---No Layoffs!?!
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Here’s a translation for you. My assistant manager brought me in and said. “You’ve done well. What are you doing different?” I replied, “I think the market finally gave my whales a reason to change.”
"Well, whatever it is keep doing it. Oh by the way, Gorman isn't laying off anybody through this transition, he just isn't letting anybody transition. You'll be out of a job by June 1st. I thought you should know, with your family and all." Long story short. There are no layoffs. There are no "cuts." just penalty boxes and lack of hiring at the new firm. Good luck everyone! Notice in the conference calls they said we'll be terminated from the old firm (so we get 401k rollover and pensions, etc...), but they never said, "and you'll also be rehired."
[quote=awesome]Here’s a translation for you. My assistant manager brought me in and said. “You’ve done well. What are you doing different?” I replied, “I think the market finally gave my whales a reason to change.”
"Well, whatever it is keep doing it. Oh by the way, Gorman isn't laying off anybody through this transition, he just isn't letting anybody transition. You'll be out of a job by June 1st. I thought you should know, with your family and all." Long story short. There are no layoffs. There are no "cuts." just penalty boxes and lack of hiring at the new firm. Good luck everyone! Notice in the conference calls they said we'll be terminated from the old firm (so we get 401k rollover and pensions, etc...), but they never said, "and you'll also be rehired."[/quote] I don't believe a word of it.
Why would you not believe him?
He works in God forsaken hellhole called a wirehouse where the managers and CEOs are liars and cheats and treat there employees and clients like Sh$%#.
[quote=Greenbacks]Why would you not believe him?
He works in God forsaken hellhole called a wirehouse where the managers and CEOs are liars and cheats and treat there employees and clients like Sh$%#.
[/quote] Because, your hysteria aside, he's not the only one that works there. BTW, aren't you the guy that screams about how awful wireshouses are, yet you've never worked at one?Someone PM’d me and asked if I meant everyone, or all of SB or all of MS. In context, its newbies (LOA 5 years or less) and lower producers, maybe 300k or something. None of the figures are 100% verified. Just what I’ve been told. In the meantime, I peruse these things to see if anyone else has data on that subject. Otherwise its heads down like it doesn’t exist (with an offer from another firm in my back pocket)
Dear Con,
You do not have to work some where to know it is a sh&t hole. All you have to do is read this forum and watch the news and talk to clients.[quote=Greenbacks] Dear Con,
You do not have to work some where to know it is a sh&t hole. All you have to do is read this forum and watch the news and talk to clients. [/quote] Most people would want to know firsthand about something before they popped off in such emotional tones. Then again, most people are probably far smarter than you.There are certainly penalty boxes, but the whole "you won't be hired by the new firm" is just someonr spouting off with nonsense.Someone PM’d me and asked if I meant everyone, or all of SB or all of MS. In context, its newbies (LOA 5 years or less) and lower producers, maybe 300k or something. None of the figures are 100% verified. Just what I’ve been told. In the meantime, I peruse these things to see if anyone else has data on that subject. Otherwise its heads down like it doesn’t exist (with an offer from another firm in my back pocket)
Annie Gasparro has been reporting on the Dow Jones news wire Brokers World that MSSB has said they lowered the Penalty Box threshold for 2009 to $250,000 to be in line with Morgan Stanley. Does anybody know? I am being told its still $350,000.
mikem10000:
I read the same article but my understanding is the penalty box is $300,000 below which the payout drops to 20%. I've spoken with my manager and the FA comp desk. My understanding is a new comp plan is in the works for 2010 and will be announced sometime in September or October. At the same time, according the the FA comp desk, some of us will see subtractions from our net to adjust our yearly payout to the current grid. My manager made a call and told me I would not experience those subtractions. I think the bottom line is the firm is not really sure what its doing. Good luckMay I ask you if you are doing below $300,000 and what your payout is? Thanks.
Right now I have in slightly over $210K and my payout is 30%. I know of people in my office who are below 30% and I think the reason is I broke through $350K last year and they did not.
Hi, If you finish the year at $295,000 do you know if your payout will be 25%? Thats what I am being told but Brokers World is reporting 2009 penalty box has been dropped to $250.000. Thanks.
I have no clue what will happen but my manager tells me I will not drop below 30% for 2009. His statement is based upon a call he made. My sense is no one knows what is happening. I think the firm is continuing to bleed brokers and that may be the deciding factor.
I believe the fa comp desk is also clueless. I've called them and they use words like "from what we're being told." I've looked around and found some pretty good places to land if my payout sinks further.My understanding is if I do $295,000 my payout will be almost 40% less than my Morgan Stanley counterpart for 2009. Not exactly a win win.
I don’t think that is going to happen (you at 40% less than your morgan counterpart). In my case, I should be at 20% but the firm adjusted and I’m at 30%. My guess is the firm will adjust again. If you want to discuss more details you might want to pm me.