Recruiters say that IT and operations staff at Morgan Stanley’s Glasgow office are feeling disenchanted after receiving low or no bonus payments and that the company has made a few redundancies.
“Some aggrieved staff have been looking around for other positions because they were disappointed at the bonuses. Only a small number of very senior staff got bonuses, while most received nothing,’ said one recruiter who preferred to remain anonymous.
Another said: “I have heard rumours of redundancies in October last year and in January, mainly from operations and IT roles.”
In mid-December Morgan Stanley announced that it was cutting back on its global staff of around 62,000. It stated: “As we conduct our year-end performance management process and evaluate the right size of the franchise for 2012, we anticipate the elimination of approximately 1,600 positions across the firm globally impacting all job levels – to take place early in the first quarter of 2012.”
It is understood that the redundancies mentioned by recruiters are part of that downsizing. Moreover some senior executives in the USAseem to think it’s likely even more cuts will be made in future.
However, the long-term trend at Morgan Stanley in Glasgow is towards growth. At the end of November, Liz Cameron, Glasgow Council’s executive member for development and regeneration, told a dinner to mark ten years of the International Financial Services District that the company was bringing an extra 250 jobs to the city.
Morgan Stanley has taken an extra two floors in the Sentinal Building on Glasgow’s Douglas Street, where it already occupies four floors, to accommodate the extra 250 staff. The jobs are said to be in finance and technology, professional accountancy and IT.
At the time Sue Watts, chief administration officer for Morgan Stanley in Europe, said: “The additional space and planned growth reflect the high quality talent pool and excellent infrastructure available here.”