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Article seems to suggest this is going to hit AP/China the hardest but there will also be the usual 2~5% cut of the lowest performers in NY/LN?
Not too sure.
With the extent of Q3 slump and bad bets, unless you start to add some positive numbers in your accounts in Q4, those will face the chop in front office.
Things are quite bad now and going to get worse. So it’s no longer just adding FaceTime and sitting in the office till late.
CORRECTION: WFH plays little to no role in RIF decisions.
What matters is whether you are front office and hauling in revenue, as it always was.
We are so freaking bloated in the back office, that it's unbelievable, considering Gorman made his name at ML by laying off 20k people when he ran WM division.
The hammer will swing, and it wil be primarily in operations, technology, risk, compliance, marketing, accounting, HR, and legal.
There’re certain amounts of employees are not in the office but work as hard as who in the office or even harder. If Morgan Stanley decided to layoff staff base on where you work, then it’s a smart decision.
For all those who refused to come back to the office - you’re heads are first on the chopping block.