The New York Post
reports that Morgan Stanley
has begun firing underperforming brokers.
An unnamed Morgan insider told the Post that the firm based firings on tenure and commissions. Brokers with more than eight years of experience had to have produced at least $250,000 last year. Brokers with four to eight years had to have made at least $150,000 in fees and commissions.
The Post previously reported that Morgan may cut as many as 1,000 brokers, or 10 percent of its broker force.
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