In a so-called “hot” job market, downsizing has become a regular occurrence at banks. Banking and financial institutions are confronted with a toxic combination of falling interest rates, uncertainty over Brexit, tensions between China and the United States, Hong Kong protests, the ramifications of trade wars and the possibility of a recession and an accompanying downturn in the global stock markets.
There has not been any comments if the culling had anything to do with the recent report of allegations that Morgan Stanley traders concealed a $140 million loss. The traders were accused of mismarking emerging market currency trades. Gorman has been moving the bank away from risky trading-related activities and concentrating on building up their more steady wealth management business.
Sorry, Employees, but the CEO’s new yacht isn’t going to pay for itself. I’m willing to bet none of those laid off will be VP’s. Tax the rich. End of rant.
You'd be surprised how many people get fired by Scrooges right before Christmas and the Christmas party.. This way they don't have to be at a party with people they know they're gonna fire.
Why? Year-end bonuses due? Too many Morgan donations to political candidates? Need funds to fight climate change? Mike Bloomberg said so?