any word from MS layoffs?
looks like a massive cut in banking and s&t, probably even more than the gs cut. what level of people do they cut?
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Heard around 10 in GCM, lev fin and ECM specifically
When did this happen?
Was supposed to happen last week but don’t think they did it yet for whatever reason
Which levels? Mostly seniors or juniors or a mix?
I don’t know, but apparently a lot of lev fin associates. Trimming down in big groups with extra headcount for the same levels.
Is layoff over or still ongoing
Still on the come
Any infos on London?
Incoming intern class cut by 75% source: me, my name is Morgan Stanley
They’re communicating over a weekend or did these happen Friday?
Intern return offer rate projected to be ~50%
Wow where did you hear this? The other analysts and I were guessing it would be the same 90+ bc analyst labor is cheap and still 2024 hires which is far-ish away
Idk why the monkey shit. This is a genuine question.
From my staffer but tbd
This is not an unusual number. It was 50% as well in 2019 (London office at least) and that was pre-Covid and everything. >90% was a Covid abnormality with high deal volumes.
It’s rough out there for ms interns
Can confirm. My roommate over the summer was interning at MS in 2019 and his team only gave return offers to ~50-60% of the class
Lol feel better about getting rejected at the final stage now
So you are basically saying this coming week will be for layoffs? Heard there were cuts in pwm.
Credible sources say it will be this week
Second this. Also heard they’ll be this week.
More so on GCM side or IBD?
Heard 8 in GCM, probably a similar percentage in IBD (4%-5%), but IBD far outnumbers GCM so more heads overall
How many for IBD?
London office - MDs last week, everyone else this week beginning Wednesday. Heard some big names have been let go.
Any examples of those big names?
Head of equity sales who was there 25 years
Anyone in Tech or the other coverage teams?
Hear tomorrow is the day - any truth?
Heard this as well.
Yup. Many to be laid off
Which office? NY? Asia?
Anyone hear anything this morning?
Getting a super strange vibe on the floor. Lots of seniors in rooms / hallways talking
seniors calling juniors into the office to let them know that their services are no longer needed right now.
What team?
Dudes first post on his profile is that he's interning at lazard MM in charlotte. Hes so removed from whats happening at MS that his exit op is gonna be working as a cashier at bojangles
Which city?
nyc ecm
What level? How many? I didn’t see it happen but see a lot of senior management walking around
Haven’t heard anything on my floor this morning, anyone else?
Haven’t heard anything yet NYC IB
Latest for NY IBD?
Any update on NY and SF?
Can anyone confirm first and second year analysts cut in EMEA IB?
Yes london office started today but tomorrow seems like bloodbath
Following
Good chunk of Lev fin and ECM laid off today. Watched it happen sadly.
Geez… curious how many as I assume those groups are small to begin with.
Any idea on level?
Associate, VP and ED. I think 3-4 we’re laid off
Is lev fin there more origination or more like cap markets?
Pure cap markets / execution. No modeling.
Good chunk of Lev fin and ECM laid off today. Watched it happen sadly.
In NY?
Where else? No, seriously.
these speds didnt want to believe what i wanted to say because i work in lazard. haha that why all ur girlfriends are ugly
Buddha - enough of this Lazard bs. Thx
heard half of A2s in HK were let go (~20 people), not sure if 100% reliable though. At least 15 total accross seniority have been fired in HK though...
From MS Hk, can confirm. Also 5 AN1 was let go
Heard cuts are going down to associate level in the US offices.
Any word on NY IBD?
Blood bath. At least 20 Ana2 cut in London, Toronto office juniors cut (analyst and associates) New York cuts starting shortly. Industry teams seem to be hit the most at the moment
A lot of analysts get let go because the vps and associates can do their responsibilities but analysts can’t do theirs
Impacted A2 here
London - a lot of A2s which will be replaced by interns joining the Firm soon as full-time. For some teams it was under-performers, for others very random (judging based on last year’s bonuses)
May be a silly question, did MS paid a part of the bonus in the severance package or did they just fired a ton of analysts only two months before bonuses? (I am assuming bonuses for analysts at MS are paid in July like at most places)
Idk but I know associates got severance + part of their bonus
Any info on the nyc office?
Cuts across most groups seems like 10% of IBD down to An1. Anecdotally did not see many EDs or MDs let go.
Is this for NY or London?
Any news on Toronto office?
Someone above said some Toronto analysts and associates were cut - can anyone confirm?
can confirm atleast one 1st year analyst toronto
Any word on if SF office was badly hit?
6 people across full office VP and below
What will MS internship return offers look like? Would there be enough spots for most people?
I think it’ll be lower than years past. Most coverage teams have way more interns than years past and I assume in general there are less return offers up for grabs.
Can confirm a first year in the NYC office was let go
Were there any others let go?
Yeah just heard about another FY who was laid off
Were the majority of the cuts junior bankers (analysts and associates)? Across all offices
Mostly associates and VPs? At least what I’ve heard
It happened this week. Standard Random call with higher up.
Is MS done with layoffs or will there be more rounds?
I heard from my senior MD they will revisit at the end of the summer. He said it’s reminiscent of the amount of 2008 layoffs. If market conditions don’t improve they may consider even more cuts…
i think way more than 3000 were cut. Seems like 8-10% of banking is gone.
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