Finance

Anyone else read the MS memo on no layoffs in 2020? What do you think? I'm skeptical of their ability to follow through, especially if the market spirals downward into a long-term recession

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Jeffries said the same thing, but after 2008, corporate promises don’t mean anything

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Also, MS already laid off a lot of people too, especially in their technology department

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The caveat there was no layoffs except for performance. There’s a lot of room for interpretation there and I’m sure that will be the out they use should they need to. With that said I don’t think they will need to...

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I agree. I appreciate their statement because a lot of employees are concerned about layoffs in the short term, but I wish it would have been more mitigated since the rest of 2020 could still play out in many different ways.

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Hoping jpmorgan also does this

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Remember they have an entire E-Trade coming to number adjust early next year within Wealth! Sales and Trading would probably make huge numbers so wouldn’t expect there to be a problem. Technology was brutally adjusted last year throughout so I wonder if there is scope there - hiring is probably getting frozen globally and that would prevent the need for RIF. Investment Management - I do not know what this market means for them , a lot of companies would need re-structuring etc. so I can actually see him following through . That said the goodwill he generates by doing this and being the first to announce is going to count for a lot as well IMO

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What is the justification for this?

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