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Morgan Stanley, which recently said it would cut hundreds of jobs as part of a firmwide cost-cutting initiative, is now turning its attention to the retail brokerage. And things are going to be bloody there, too, Reuters reports.
The firm is discussing more streamlining plans that could include a 10% cut in the number of branch offices. As many as 100 offices could be affected.
Office managers may also be expected to generate revenue, instead of just managing people who generate revenue.
The cost-cutting program is known internally as "Project August," which hopefully signifies how long it will last (no word on whether there's a "Project September" as well).
MS is trying to reach profit margins in the mid-teens for its wealth management business. In the second quarter, it reached 12%.
Bank of America and UBS are still embroiled in their poaching war, and the latest conquest is Stephen Gore, who will head to BofA to run its M&A unit for Asia-Pacific excluding Japan.
Bring on the machines. If you can't make a meeting in person, try sending a robot of yourself.
Working Late (Bloomberg Businessweek)
Like really late. Like past 65 late. More people are on their way to doing this, and companies are figuring out how to take care of them.
After you send in a job application, do not immediately email the hiring person to see if they received it and/or check on its status. Wait a week at least.
Financial services employees are lining up for Botox from their local plastic surgeon, so you don't have to feel bad about it anymore.
Buzz Around the Office
A 67-year-old Tennessee man was arrested over the weekend after dialing 911 and asking the dispatcher to drive him to pick up some beer.
List of the Day: Good Communication Skills
We all need 'em, especially if you need to tell employees how to get their work done.
1. Be very specific about what you want.
2. Negative feedback is a necessary part of life.
3. Document everything.
(Source: MoneyWatch)
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