Morgan Stanley will cut 200 to 300 trainees and lower-performing financial advisors in its brokerage unit, a person familiar with the situation told Dow Jones.
The trainees who are likely to see a pink slip are those who have worked at the firm for six months to three years who garnered $25,000 or less per year. The lower-producing group includes five-year veterans who have worked at the firm for more than a year and bring in less than $75,000 annually.
The decision to lay off underperforming trainees and advisors would enable the firm to increase average advisor productivity, which totaled $742,000 at the end of last year. The cuts would bring the total number of advisors to 17,800, a number that falls in the 17,500-to-18,500 range the firm wants to maintain.
Morgan Stanley declined to comment. (WSJ)
Picket Lines (FINS)
When it comes to crossing a picket line for a dream job, a majority of people would do it. Unions are becoming increasingly less relevant in the lives of many workers.
Moving Over (WSJ)
Citigroup is contemplating moving 400 jobs from New York City to Jersey City, N.J., as part of a subsidized package extended by New Jersey's Economic Development Authority. The firm does not expect job cuts to accompany the moves.
Swiss Problems? (HFMWeek)
Stuart Hendel's departure from the prime brokerage unit at UBS could be symptomatic of greater ills befalling the unit: low morale, lower bonuses and more resignations.
Quite the Honor (World Economic Forum)
The World Economic Forum has released its list of young global leader honorees, and several finance and banking people have made the cut.
How to Manage (Accounting Today)
If you're a 28-year-old newly-named partner, it could be awkward to work with some colleagues who are old enough to be your parents. The key to managing upward is firm tact.
I Wanna Be a Billionaire (Forbes)
So frickin' bad. Or according to the song, anyway. Forbes has released its annual list of the world's billionaires, which has 1,210 people on it (a record). See how you stack up to the world's richest.
From Trading to Praying (NPR)
One currency trader was so disillusioned with his life as a banker that he joined a monastery in rural France. He served as an advisor about the monk life on the film "Of Gods and Men," the Algerian Civil War movie that's been making a splash.
Tired? Why Wait? (Evening Standard)
The life of a banker is a tiring one. Lucky Citigroup employees based in London are now able to catch up on their zzz's at work. Newly-installed "pods" can be rented by the hour and allow workers to grab a bit of shuteye after a long night.
List of the Day: Taking Over
Women might still earn only about three quarters of what men earn, but there are some professions that are seeing more women enter than men.
1. Financial managers
2. Tax examiners
3. Budget analysts
(Source: AOL Jobs)
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