Morgan Stanley is laying off somewhere between 200-300 lower level employees in its financial advisory brokerage joint venture unit, says Dow Jones.
The cuts will hit:
- “lower producing” trainees who have worked at the firm for six to 30 six months who produced less than $25,000 per year
- People who have been in the finance industry for up to five years, but Morgan Stanley for only one year, in which they produced less than $75,000
A couple exceptions to the list:
- People who show growth potential
Also, Morgan Stanley is apparently considering dropping “Smith Barney” from the name of its brokerage force. The firm is apparently considering six new names, none of which include “Smith Barney.” Clients were asked for their opinions, according to Dow Jones.
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