Large Body Count in Gorman’s First Big Move at MS

James Gorman obviously remembered to bring his knife collection with him when he packed up his office at Merrill Lynch and moved to Morgan Stanley earlier this year to head of its Global Wealth Management division. In a system-wide memo this week, Gorman announced that 500 trainees--roughly half of this year’s class--had been given the axe. The reason? The firees were “individuals who were not tracking toward long-term success in the business.” Oh, James, behave! The mass execution will be accompanied by a scaling back of trainee hiring going forward.
MS Says “You’re Fired” to Half Its Trainees [London Times]

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