(March 5- 11:40 ET) – According to the New York Post, rookie brokers at Morgan Stanley are being told to bring on the hard sell.
The Post says it has obtained a copy of an internal Morgan Stanley memo that puts the heat on Morgan Stanley trainees to crank up their production. The memo purportedly blasts 36 broker trainees in the firm’s downtown Manhattan location for poor production.
“This is unacceptable,” the manager wrote in the memo. “You do not produce business. You are not generating income. You are not making money for yourself. How could you possibly buy all the things you want in life if you have no money?” The memo then sets a daily target the manager expects all trainees to meet.
Later in the memo the manager admonishes the trainees to “Make it a habit to produce gross commissions. That’s why you accepted a job offer to work for Morgan Stanley. Or were you not serious then, or now?”
A Morgan Stanley spokesman had no comment. Although the firm’s marketing material insists that it puts client interests first. “In today’s financial environment, one thing will always remain the same: our priority is helping our clients become well connected, to achieve their financial goals.”
One veteran broker told the Post he was ashamed “it’s come to this” and said other colleagues felt the same way.