It couldn't hold out forever. A few months after all the other big banks announced layoffs, Morgan Stanley said it plans to shed 1,600 jobs across the firm.
The cuts comprise 2.6% of the entire workforce, which numbers around 62,650, and will take place across all levels. It's the largest number of job cuts the firm has had to make since the 2008 financial crisis, when it laid off more than 2,500 employees into 2009.
The ax will fall in fixed-income businesses, while equities will be spared the brunt of it. Investment banking will also take a hit.
The one piece of good news? The firm's herd of 17,290 financial advisers will remain intact, though there will be some cuts in the wealth management unit, presumably in support and back-office functions like technology and operations.
The layoffs are hardly surprising; market volatility and the European debt crisis have prompted cuts at numerous firms around the world.
Following Up (FINS)
The game isn't over once you leave the interview room. That's when you leap into action: Here are the right ways to follow up with HR so you seem interested, not indifferent. Or a psychotic stalker.
Consumer Retailing (Mergers & Inquisitions)
It's December, which means stores are hawking their wares furiously in the dwindling days before Christmas. If you've got a good grasp on what consumer confidence means, you may want to consider a career in consumer retail investment banking.
Don't Stop (WSJ)
It's the end of the year but don't let it become the end of your job search. Companies still eager to hear from jobseekers in December, so keep being proactive about sending resumes out and attending job fairs.
Cracking Down (Marketplace)
Traders at Credit Suisse will now have an extra week of vacation every year. Not for their health, but to separate them from their computers so compliance and risk people can check irregularities that may signal rogue trading underfoot.
Coming from Behind (TheStreet)
Wells Fargo is known for its commercial banking and mortgage businesses, but the bank is fast making a dent into the investment banking and capital markets spheres inhabited by flashier firms.
Stepping Up (Business Insider)
Just a day after it was announced that Goldman legend Milton Berlinski would leave the firm, his replacement has been named. Peter Lyon, a longtime PE honcho who was made partner in 2006, will take over as head of the financial sponsors group.
Cautionary Tale (London Evening Standard)
Lloyds Chief Executive Antonio Horta-Osorio, who left the bank temporarily to deal with exhaustion and stress, has a message. Not for the shareholders or employees of the bank, who are presumably wondering how he's going to turn it around, but rather for the insomniacs among us. "Anyone under extreme pressure and suffering should seek professional help fast," he said.
Buzz Around the Office
Pick a hedgehog, dress him up and watch him sing.
List of the Day: Starting Small
Don't be afraid to ask to be accommodated at work on certain things. Here's how to do it.
1. Ask for flexible scheduling and work-from-home options.
2. Ask to move a meeting time if it's easier for you.
3. Ask for more training or a mentor to help you learn something new.