LAYOFFS: NO LOVE AT MORGAN STANLEY (05/28/25)

Stephen Levine December 17, 2019

Am I Next? Morgan Stanley plans to cut 1,500 positions company-wide at the end of the year.

MAY 28, 2025 — 230 NEW YORK EMPLOYEES TARGETED

The company plans to lay off approximately 230 employees across seven offices in New York City, in another round of staff reductions on June 17, 2025, as part of a larger global job reduction effort estimated at around 2,000 roles across the company, excluding financial advisers.

MARCH 21, 2025 — 2,000 EMPLOYEES TARGETED

The company plans to lay off 2.5% of its workforce across all company segments except financial advisors. Performance reviews, location, and automation/artificial intelligence will drive the layoffs.

FEBRUARY 15, 2023 — SEVERAL HUNDRED WEALTH MANAGEMENT EMPLOYEES TARGETED

New (January 1, 2024) CEO Ted Pick’s first action appears to be the elimination of several hundred employees, including managing directors and non-customer-facing employees in its wealth management operation.

MAY 3, 2023 — 3,000 EMPLOYEES TARGETED

Responding to recession fears, the company is continuing its cost-cutting initiative and is expected to lay off around 3,000 employees, 3.6% of its workforce, excluding the financial advisors and currency management divisions. This is in addition to the previous 2% reduction in its workforce.

DECEMBER 7, 2022 — 2% REDUCTION IN FORCE

The company has announced a global reduction in force of approximately 2% or an estimated 1,600 - 2,000 employees.

According to Morgan Stanley CEO James Gorman, “Some people are going to be let go. We’re making some modest cuts all over the globe. In most businesses, that’s what you do after many years of growth.”

OCTOBER 15, 2022 — PAIN AHEAD WITH DREADED “ANNUAL REVIEW”

Morgan Stanley CEO James Gorman noted, “You’ve got to take into account the rate of growth we’ve had in the last few years. We’ve learned some things during Covid about how we can operate more efficiently. So that’s something the management team is working on between now and the end of the year.”

Smells like a reduction in force is coming.

DECEMBER 17, 2019 — Original post…

New York City, New York-based Morgan Stanley, the iconic investment bank and financial services company, is continuing its restructuring and cost-cutting activities. The company has announced that it will be reducing its global headcount by 1500 employees by year-end. While the company refuses to provide specific details, it is believed that the employees will come from IT, and operations, and include executives and managers in sales, trading, and research. While the company remains at the top in trading operations and as a merger adviser, it is believed that the bank’s senior management is worried about the global economic outlook and the effects of tariffs and currency fluctuations. James Gorman would only say, “We remained committed to controlling our expenses,” and refused to discuss the reduction in force.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

LAYOFFS: NO LOVE AT CRESCENT BANK

Stephen Levine December 16, 2019

Am I Next? Crescent Bank relocating call center to Dallas, Texas.

New Orleans, Louisiana-based New Orleans-based Crescent Bank and Trust, specializing in providing auto loans to consumers across 32 states, is continuing its restructuring plan to consolidate loan origination and operations under one roof in Louisiana, and then move operations to Dallas Texas. The move is scheduled for early 2020.

According to the company, it will be shuttering its Chesapeake, Virginia call center and shifting 180 positions to Dallas, Texas. As part of the transition 30 additional jobs, including 10 IT positions, will also move to Dallas to support call center operations.

According to Crescent’s Chairman and CEO, Gary Solomon, Sr., “We sincerely believe that having all loan servicing employees under one roof and reporting to one leader is essential to our long-term success. We are confident that it’s the best place for many reasons, including being an area that has a high density of experienced resources due to several major competitors in the subprime auto industry being in the area.

In addition to the re-locations, the company has an ongoing telecommuting business where loan origination employees work at car dealerships or from home to further minimize corporate overhead and real estate requirements.

LAYOFFS: NO LOVE AT HOME CREDIT U.S.

Stephen Levine December 13, 2019

Am I Next? Layoffs at Home Credit on the Sprint campus in Overland Park, Kansas.

Overland Park, Kansas-based Home Credit U.S., a global provider/servicer of proprietary-branded credit card services to Sprint and others has announced that they will be laying off 100 employees in their Overland Park office located on the Sprint Campus. Positions include operations, management, credit, customer relations, sales, information technology, legal, finance, and human resources. The layoffs will commence January 31, 2020, and be phased over the following quarter. Because the company continues to invest in technology, it is possible that the layoffs are technology-driven, but it is still unknown how Sprint's pending $26 billion merger with T-Mobile might affect the relationship with Sprint. A Sprint spokesperson noted that the job action will not affect any Sprint cardholders.

The parent company is Home Credit B.V., an international non-bank financial institution founded in 1997 in the Czech Republic and headquartered in the Netherlands. The parent operates in ten countries including those in Europe and Russia, Kazakhstan, China, India, Indonesia, Philippines, and the United States. The company and focuses primarily on subprime credit card lending and lends to people with little or no credit history.