SB Retention
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I do still get training bonuses so maybe i will be exempt from the reten bonus just like i am for deffered comp. That would be depressing.
[quote=mysteryman]I did 270k in 08 after 3 years. No senior partner. Club member FA. Right out of training program. Ranked 1 or 2 in country for the past 3 years each month. Do you think I have any shot at a bonus or should I just give up that dream. [/quote]
You’re probably the only one worth keeping.
morgan stanley FA. LOS 6. T12= $345k. no partners. 30 years old. any chance at retention or should i try to find another firm?
I would say that if the minimum level for a retention deal is 400k. That nobody below 400k is getting a deal, now matter what age you are.
I would bet big money if you are on a training program and have an accelerated payout you will not get anything . I would also guess that MS brokers will get less than SB brokers. At least thats what I have heard. Keep in mind any of this can change, but they will announce the deal by Feb 20th I am told.So do you think that someone who is LOS4 and still an FAA (part of the training program because training program is technically 5 yrs) who has T12 of 760K would not get anything because he is still an FAA and part of the training program?
Thanks,Tick…
I have no idea. Interesting question. They may handle it the same way they are considering contract peeps. Meaning a deduction of anything thats over the normal grid. I could be wrong on that tho. Grats on doing so well...impressive.I’m going to be the resident contrarian, and suggest that there might not be a retention package at all.
Every day MS can put off offering a deal, virtually everyone’s T12 goes down, considering what the production was firmwide going into the third and fourth quarters. That alone is inducement to wait, especially when you consider that the deal isn’t supposed to be consummated until later in the summer anyhow.
Couple that with the new rhetoric coming out of Washington WRT Wall Street bonuses . . .
You’re wrong Body.
There will be a retention it will be based on 2008 gross or the T12 which ever works best for the broker. And retention packages have little to do with the bonus structures that the press is complaining about. Neither Morgan Stanley or Smith Barney have received any tarp money. Citigroup has but none of it went to SB. MS got money from Mitsuibishi. My information is good info from good sources, not some lame opinion on news that doesn't apply.[quote=Squizz]You’re wrong Body.
There will be a retention it will be based on 2008 gross or the T12 which ever works best for the broker. And retention packages have little to do with the bonus structures that the press is complaining about. Neither Morgan Stanley or Smith Barney have received any tarp money. Citigroup has but none of it went to SB. MS got money from Mitsuibishi. My information is good info from good sources, not some lame opinion on news that doesn't apply.[/quote] MS has received TARP Money. And that Mits Money was 100% backed by treasury, so in essense the got Govt assitance their also, Mits said without govt guarantee they would not have given the 2nd part of the money.(1) Citigroup $45 billion
(2) AIG $40 billion
(3) Wells Fargo $25 billion
(4) Bank of America $25 billion
(5) JPMorgan Chase $25 billion
(6) Goldman Sachs $10 billion
(7) Morgan Stanley $10 billion
I know people choose to ignore all common sense and facts on these retention sites...
Yep…you’re right my bad.
Point is the retention package is in the works. It will be reported by Feb 20th and the numbers will be very close to what I am reporting here.[quote=Squizz]Yep…you’re right my bad.
Point is the retention package is in the works. It will be reported by Feb 20th and the numbers will be very close to what I am reporting here. [/quote] Agree its coming, it's already gone too far to turn back and their intent the whole time was to pay retention. Email went out couple weeks ago saying SB/MS would be treated equally though; I would assume both places get exact same deal unless something changed, would assume the numbers 400k and up are right, if anything maybe they would bump up the low to 500K IMO.It’s interesting to watch you guys squawking about retention.
I guess big producers don’t like financial risk or fear any more than smaller producers.
Oh I am not squawking…I am hopeful that it happens.
I also understand things can change very fast. Kind of like "C" stock disappearing over a couple of months. I also understand that the stock price won't come back to anywhere near it's former value. No way are financial institutions going to be able to use the leverage they once used. Earnings will never be what they once were. I am hoping to get a little repair done in my net worth so I can survive the downturn in our business that will probably continue for sometime. I have been fortunate to be an above average producer. I think most that were doing less than 600k in 2007 will not be in this business in 2010. I hope I am wrong. I am more concerned about clients and how all of this has affected them. I don't care what anyone says here, your client accounts are down significantly and so is your book. This is a very strange time, I hope everyone regains the confidence they once had in investing. Right now nothing makes much sense. Good luck everyone.Squizz is dead on. There will be retention, based on 08 t-12, and it will probably be for 400k+ producers
I wonder if I’ll be able to use these big retention packages to help with my prospecting.
MS/SB package to come very soon. SB brokers will have larger pool of money, but only b/c they have more brokers. Bonuses will be equal among all FAs, according to their level of production of course.
<h2>Report: Morgan Stanley planning to cut up to 4 percent of its work force </h2> <p>
NEW YORK (AP) – Morgan Stanley could announce this month that it plans
to cut up to 4 percent of its work force, The Wall Street Journal
reported.
The report, citing anonymous people familiar with the plans, said the Wall Street firm could cut 1,500 to 1,800 jobs. The reductions could be announced this month, according to the report posted on the newspaper's Web site.
Morgan Stanley representatives were not immediately available to comment on the report.
The additional cuts come on top of about 7,000 job cuts Morgan Stanley made in 2008, and amid layoffs across nearly every sector of the economy as the nation remains stuck in a recession.
The Journal noted that none of the cuts would come in the global wealth management business, which is getting ready to combine with Citigroup Inc.'s Smith Barney brokerage unit. In a deal announced last month, Morgan Stanley will own a 51 percent stake in the venture.
Morgan Stanley has about 8,400 brokers.