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Morning Coffee:  Equities layoffs have spread to Morgan Stanley. Highest paid MBA graduates in the world

Equities layoffs seem to be contagious

Equities layoffs seem to be contagious

First came Standard Chartered, with last week’s decision to ditch 200 people as it closed its entire cash equities business. And now we have a smattering of equities people let go from Morgan Stanley.

Bloomberg reports that at least 10 traders have gone from Morgan Stanley’s European equities business in London, including Philippe Carrier, an MD. The layoffs come just weeks before Morgan Stanley announces its bonuses for 2014 and follow comments from CEO James Gorman to the effect that growth prospects for the European business are ‘quite negative’. As we reported yesterday, Morgan Stanley’s own banking analysts are predicting that equities revenues in 2015 will be “marginally positive” compared to last year. – Unfortunately, this doesn’t seem to have been sufficient to save their colleagues’ jobs.

Separately, the highest paid US MBA graduates in 2014 earned salaries of $300k to $350k (£197k to £230k)  according to MBA careers site Poets and Quants, which has a full list of top salaries here. Investment banking MBAs no longer monopolize the top pay slots. One graduate going into investment banking earned a salary of $300k, but the other highly paid MBAs chose a variety of different sectors, including private equity, venture capital and healthcare.

Meanwhile:

RBS wants to cut 23% of its 2014 costs before 2017. This is more than any other bank. Headcount is being reduced from a peak of 225,000 in 2007, to just 90k. (Financial Times) 

Rory Cullinan, head of the bad bank, will be the only member of RBS’s executive to team to get a bonus this year. (Bloomberg) 

UBS is arguing that its big fixed income restructuring, which reportedly involved the closure of 380 desks and the exit of 6,800 trading books, wasn’t such a big deal after all. (WSJ)

Banks spent most of last year waiting for volatility. But when it came, it wasn’t so good after all.  Macquarie analysts suggest that fixed income revenues fell 40% year-on-year in the fourth quarter due to ‘erratic markets.’  (WSJ) 

Private equity firm Carlyle just promoted 11 people in Europe. Only two of were women. (Financial News)

What it’s like when you’re trying to get into a top business school: ‘Grant would wake up at 4:30 a.m., start studying at 5 [for his GMAT], keep it up for an hour or two, go to work, then go to his non-profit assignment.’ (Fortune)

How to inveigle your way into the inner circle of the CEO. (HBR) 

It’s relatively easy to get a Green Card if you’re Asian or Canadian. (Guardian) 

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