Just had my end of year review with a mostly failing score. Completely unjustified.
It’s obvious this is a tool for another round of layoffs in early 2023.
I’ve never been more humiliated.
To say the least, my CV has been ready for a while and already in play
I dunno bout all that nonsense chappie but hey this isnt for everyone. Atleast you had a chance and enjoy your exit opportunity. Better luck to ya and apply what you learned here to your next gig
I worked there previously as well. I actually repeated what I did at MS at my new bank with resounding success. It’s all about culture at my new bank, something MS is seriously lacking. Keep drinking that kool-aid Jimmy G is slinging. If you are referring to the skills of being a slimy d-bag and willing to sell out my own mother for an extra $1k in my bonus, I left that behind at MS. Probably the worst culture I have ever witnessed at any bank I ever worked for. MS is not the gold standard of investment banking any longer. They are losing market share to other banks and their profits reflect as such. They aren’t even the top institution for wealth management. Jimmy G is getting up there in age. Time for him to take his $25mm salary and head back to Australia. Sorry it a cr---y bank. I’m sure he will try his best to copy Goldman with layoffs in the coming weeks as well. Must be terrible living in Solomon’s shadow.
I am glad we taught you the skills to land a job at the next place. Good luck and dont repeat what you did here.
This was my experience working there as well. Bust your bu-t all year and get a near nothing at the end of the year. The culture is so toxic and most EDs and MDs and underhanded. Most of them sit around and do nothing and reap the benefits of their title at bonus time. Gorman and company also have their heads so far up each other that they have lost complete touch of reality. But MS will be sure to have a diverse staff so the government will be happy with their stats. Much better banks out there. MS is a relic of Wall St’s hayday.
Replying to "Doubtful you really work there as performance reviews were due weeks ago..."
Maybe they were due weeks ago, however, I can attest to the fact that mine was released and reviewed first week of 2023. Comp day is Thursday if that helps validate employment. I expect zero due to the toxic work environment and MD/ED's will walk away with most of change Gorman throws their way.
I did work there. I quit in April and got a 30% base increase and promotion at a rival bank. I’m happy I don’t work there any longer. It’s a cr---y place to work. I’ve been getting resumes non-stop since I left which is a testament to the garbage culture that Gorman and company created. Hope you love your annual bonus this year. I’m sure the esg sitting next you got most of yours.
Doubtful you really work there as performance reviews were due weeks ago....
I worked there. I had the same issue. It’s all about forced ranking to avoid paying bonus to employees at MS. Also MS is big into ESG, more than any organization I have seen. Wait until you see the promotion list. It’s a numbers game there. They should be ashamed of themselves. They care more about looking good to the government than their own employees. My advice is to leave there. Other firms will treat you better. MS is clearly on the downturn.
Had my first YER. What a joke. Since day 1 I have engaged my manager weekly to understand what was next focus area, etc. Always positive comments, on-track, takes time to absorb all the needed knowledge and no mention of "Needs improvement".
When I objected to the rating, I'm told my manager has no control of rating? WTF!. So Mickey Mouse. It's not about what you know, but which rear-end do you stick your nose up next.
Rumor has it there will be another layoff in March. No details as of now.
No. Only after comp now. Likely in early Feb given how the quarter is shaping .
Is ms done with the layoffs?
Goldman is laying off 4000 employees， while MS only did 1600. This does not make sense, figure it out.
@2ghg+1kiXBk96 - insider from IAD here. I don’t think the reviews were that bad . The rumor is that behind the scenes, they have basically downgraded most people a notch in the HR system (which curves comp). The effect is the same without introducing anxiety to staff. It is a brilliant strategy. One rat jumped this sinker recently because the writing is on the wall.
Is it true audit got hit hard on their performance reviews?
They won’t lay you off. They will just not give you a bonus. I left because they did something similar to me. My review was unjustified. My review the prior year was glowing. The problem was they promoted in a lower cost region over NYC. It was their was to force my hand. I left 2 months later and started at a new bank with a promotion as a team lead and 30% base bump. MS can be an evil place to work. My advice is to find something else. The dinosaurs running the place do not play well with others.
Are you in audit? The rumor is that at the top levels there is so much disenchantment with audit, they have asked C G to downgrade as many as possible. Comp is to be hit very hard .