Jobs Losses & More Jobs Offshore
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James Gorman, the firm's wealth management boss, said that the trainees just didn't make the grade, and were 'individuals who were not tracking toward long-term success in the business'. He also said that the firm was looking to redesign the training program, as the 'business cannot sustain a training program that has failed to meet its objectives'. 500 recruits did, however, make it through. Morgan Stanley is also thought to be reducing the number of trainees it takes on every year in its wealth management division to as few as 700. The firm is thought to have previously hired 2,500 trainees for this unit each year.
In a related story, Morgan Stanley agreed to pay a $15m fine for failing to produce tens of thousands of e-mails required by regulators in connection with a SEC investigation into IPO and research activities from December, 2000 through to July 2005. The firm has settled without admitting or denying the allegations.
And Credit Suisse has confirmed that it plans to add 900 support jobs in Singapore by the end of 2007. The jobs will be in investment banking and asset management, and will include roles in finance, IT and operations.
Finally, Credit Suisse has agreed to pay $90m to settle Enron-related claims, which relate to its investment banking division, formerly known as Credit Suisse First Boston. As part of the deal, Credit Suisse will also effectively write-off $337m in counter-claims it has made against the Enron estate.
