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2025-03-19 13:55:00| Fast Company

Its not just tech and media workersand, of course, federal government employeeswho are facing job cuts this year. Layoffs have come for Wall Street, too. Investment banking giant Morgan Stanley is about to lay off around 2,000 individuals, according to media reports. Heres what you need to know. Thousands of job losses imminent Multiple reports over the past 24 hours have revealed Morgan Stanleys alleged upcoming layoffs. The report of imminent job losses of as many as 2,000 workers first came from Bloomberg, which cited multiple sources with knowledge of the matter. Reuters then also reported on the news, citing a person with knowledge of the matter. Besides agreeing on the figure of 2,000 job losses, both reports also state that the cuts will take place across the majority of Morgan Stanleys 80,000-strong workforce. However, one group of workers is said to be spared any cuts: the companys financial advisors, who make up about 15,000 workers at the investment firm. The 2,000 jobs are said to be being culled from the remaining 65,000-strong workforce. Morgan Stanley has not publicly announced any job cuts. Fast Company has reached out to the firm for comment. The cuts are being made about a year after Ted Pick became the companys new CEO and a few months after Pick was also appointed as Morgan Stanleys chairman. If the 2,000 figure is accurate, the cuts mean Morgan Stanley will eliminate approximately 2.5% of its workforce. According to Bloomberg, the cuts are being made to keep costs under control. Morgan Stanley is reportedly experiencing minimal attrition rates, which would normally help control workforce costs as people decide to leave voluntarily. Bloomberg says that those being laid off will be selected on many criteria, including performance, but some cuts will also be based on worker location. A small number of roles that can now be done with AI will also be eliminated. Wall Street cuts jobs amid Trump presidency Its a common assumption that when a Republican is in office, the good times are about to roll on Wall Street. Indeed, when President Trump took office earlier this year, most industry watchers expected his second term to be a positive for Wall Street. However, since Trump took office, the stock markets have hammered due to several Trump-linked factors. The most notable is the presidents ongoing threat of tariffs against its closest and largest trading partners, including Mexico and Canada. Trump has also threatened most other countries in the world with the possibility of tariffs. Many economists fear that Trumps tariff wars could lead to an all-out trade war, which would have negative implications for the global economy, not to mention small businesses. Trump has also supported the layoffs of tens of thousands of federal employees whose terminations have been recommended by the Elon Musk-affiliated Department of Government Efficiency (DOGE). While supporters say the cuts are necessary to eliminate government waste, adding tens of thousands of people to the unemployment lines will have knock-on ramifications for those peoples families, their ability to pay bills, and their local economiesall of which could lead to broader economic consequences. However, despite the Trump-fueled economic challenges the country is facing, a source told Reuters that the Morgan Stanley layoffs are not linked to the current conditions of the markets. Morgan Stanley isnt the only Wall Street giant to lay off workers since Trump took office. As Reuters notes, Goldman Sachs says it will lay off 3% to 5% of its staff, and Bank of America has already laid off 150 workers in its investment banking arm. Morgan Stanley’s stock price is down for the year Despite the reports of imminent job cuts at Morgan Stanley, its stock has remained relatively flat since yesterday. Shares in the company (NYSE: MS) closed down 0.13% yesterday. In premarket trading today, as of the time of this writing, shares are up just half a percent. But at its closing price of $118.11 yesterday, Morgan Stanley shares are in the red for 2025. Since the beginning of the year, shares in the company have fallen around 6%. The company’s shares closed north of $137 the day after President Trump was sworn in. Still, longer-term investors have seen some decent gains from Morgan Stanley over the past year. In the past 12 months, MS shares are up over 34% as of yesterdays close.


Category: E-Commerce

 

LATEST NEWS

2025-03-19 13:33:43| Fast Company

President Donald Trump fired two Democratic members of the Federal Trade Commission on Tuesday, intensifying efforts to exert his administration’s control over independent agencies across the government.Commissioners Alvaro Bedoya and Rebecca Kelly Slaughter said they’d been dismissed illegally and would sue to block Trump’s order. They also said they consider themselves still part of the FTC, though whether they will still have access to their offices and logistical tools like email going forward was unclear.Removing Bedoya and Slaughter could free up space on the five-member FTC for new commissioners loyal to Trump and his priorities and policies.The White House confirmed the dismissals. FTC Chair Andrew Ferguson, a Republican whom Trump designated for the role upon taking office in January, released a statement on X saying he had no doubts about Trump’s “constitutional authority to remove Commissioners, which is necessary to ensure democratic accountability.”The FTC is a regulator created by Congress that enforces consumer protection measures and antitrust legislation. Its seats are typically comprised of three members of the president’s party and two from the opposing party.Commissioners are appointed by the president and confirmed by the Senate. They serve seven-year terms that are staggered to prevent multiple vacancies at once.The ousted commissioners pointed to past Supreme Court rulings that sought to solidify the body’s independence and only allowed commissioners to be removed for cause.“The president just illegally fired me. This is corruption plain and simple,” Bedoya, who was appointed in 2021 by President Joe Biden and confirmed in May 2022, posted on X.He added, “The FTC is an independent agency founded 111 years ago to fight fraudsters and monopolists” but now “the president wants the FTC to be a lapdog for his golfing buddies.”The White House countered late Tuesday night that other Supreme Court rulings affirmed the president’s “unrestricted” power to remove “executive officers who had been appointed by him.”Slaughter was first appointed to the FTC during Trump’s first administration in 2018, and served as its acting chair in 2021. Biden renominated her for a second term in February 2023. Slaughter said in her statement that the “law protects the independence of the Commission because the law serves the American public, not corporate power.”“Removing opposition may not change what the Trump majority can do, but it does change whether they will have accountability when they do it,” she wrote.In 1935, the Supreme Court held that the president couldn’t fire leaders of independent agencies without cause. Otherwise, the agencies would become more political and less independent.While that restriction was eroded in a subsequent decision that came in 2020, it has largely remained in place.The firings will likely intensify the legal fight around key questions about the extent of presidential powersbattles that could have consequences for other independent agencies, including the Federal Reserve. But the Trump administration has so far been undeterred in its push to expand a president’s ability to remove such officials at will.The president used a previous executive order to give the White House more control over the FTC and other regulators, including the Securities and Exchange Commission and the Federal Communications Commission.On a subsequent conference call with reporters, Bedoya noted that the FTC was engaged in cases involving tech giants and drug companies and predicted that the move will help powerful corporations while meaning higher prices for consumers.“Who does this attempt to remove us help?” Bedoya asked. “Who it helps is billionaires. And I think it opens the door for corruption and for (a) law enforcement apparatus controlled, not by the law, but by money.”Slaughter said on the same call that she and Bedoya were informed at the end of the day about Trump’s action and that no specific reason was given for the dismissals.“We are not going to go,” Slaughter said. “And we certainly are not going to go quietly.”She added, “Markets should be worried.”“This is a sign that the guardrails are coming off the protections for freedom and fairness in our economy,” Slaughter said. “And it is a sign that honest businesses should be worried about corruption permeating markets.”The issue of Trump asserting greater influence is particularly fraught for the Federal Reserve, an institution that has long sought to protect its independence. Economists and financial markets broadly support an independent Fed because they worry a politicized version would be more reluctant to take unpopular steps to fight inflation, such as raise interest rates.Trump has signaled he will let Fed chair Jerome Powell serve out his term, which ends May 2026. Yet he threatened to fire Powell in 2018 when Powell raised interest rates, a move that can often slow growth.The dismissals of Bedoya and Slaughter follow the Trump administration removing several years worth of online “business guidance” blogs published by the FTC under the Biden administration. According to various snapshots from the Internet Archive, more than 350 blog posts published on the agency’s website were taken down as of Tuesday.The removed blog posts covered a wide range of information, from steps the FTC was taking to prevent harms of AI-enabled voice cloning to an explanation of its lawsuit against Amazon’s Prime subscription program. Blog posts published between 2010 and 2017, under Obama, are still up on the agency’s website.Nidhi Hegde, executive director of the American Economic Liberties Project, an advocacy group that opposes monopolistic practices, said Bedoya and Slaughter’s dismissals were “illegal and void.”“Independent agencies like the FTC exist to enforce the law as written by Congress and protect the public interest,” Hegde said in a statement. “Not to be gutted at the whim of a president.”Minnesota Sen. Amy Klobuchar, the only Democrat on both the Judiciary and Commerce committees, called the dismals “a blatantly illegal act.”“It is another unconstitutional power grab. I’m glad you’re suing,” Klobuchar said on the conference call with Bedoya and Slaughter. “In the end, I strongly believe that you will win and you will be reinstated as commissioners.” Associated Press writer Haleluya Hadero in South Bend, Indiana, contributed to this report. Will Weissert and Christopher Rugaber, Associated Press


Category: E-Commerce

 

2025-03-19 13:00:00| Fast Company

Early in their leadership journey, many leaders believe they need to have all the answers and be experts in every aspect of their teams work. They assume that credibility comes from knowing every detail, every strategy, and every technical nuance. However, the most effective leaders soon realize that leadership isnt about having all the answersits about knowing enough to ask the right questions, spot key trends, and guide their teams toward success. Rather than micromanaging or dictating processes, strong leaders focus on creating clarity through shared goals and measurable outcomes. By setting clear performance metrics, they establish a common language with their teamsone that ensures alignment, fosters trust, and allows experts to do what they do best. This approach empowers teams to take ownership of their expertise while enabling leaders to maintain strategic oversight without unnecessary interference. Ultimately, leadership isnt about proving intelligence or controlits about fostering an environment where knowledge thrives, collaboration is seamless, and results speak for themselves. Establish Clear Metrics As a leader, I’ve learned that I don’t need to be the expert in every area my team works in, but I believe knowing enough to be dangerous is critical. This means understanding the core concepts, being able to ask sharp questions, and spotting potential red flags when performance or processes seem off. I see my role not as the person with all the answers, but as someone who can guide the team to ask the right questions and evaluate results critically. One specific strategy I actively follow to foster collaboration and mutual respect, especially when my team members have deeper expertise than I do, is establishing clear performance checklists and standardized metrics that we all align on upfront. These metrics have become our common language. This approach ensures that my team can apply their knowledge and creative ideas while I focus on ensuring we’re all steering toward the same outcomes. For example, I don’t try to dictate every ad copy or keyword with my PPC team. I know they have far more hands-on expertise than I do. What I focus on instead are the critical numbers: cost per lead, conversion rates, search query analysis, and quality scores. These metrics tell me whether campaigns are moving in the right direction or if we need to step back and reevaluate. This allows me to ask the right performance-based questions without interfering in their technical process, reinforcing their confidence and autonomy. This balance of freedom with accountability has helped me create a culture where my team members feel respected for their expertise and understand that outcomes matter. What I’ve also noticed is that this mutual respect encourages better communication. When I respect their deep technical knowledge, they’re more open to educating me about emerging trends or evolving challenges in their domain. At the same time, because I stay focused on the bigger picture, they appreciate my strategic insights that might otherwise get lost in day-to-day execution. Ultimately, I believe that a leader’s role is to create a framework where expertise thrives, not to compete with it. By respecting my team’s knowledge and adding value through clear direction and outcome monitoring, I’ve fostered collaboration, innovation, and a healthy sense of shared ownership across projects. Sangeeta Kumar, vice president, marketing, Healthcare DMS Facilitate Knowledge Sharing In my opinion, a good leader will be happy when their team members have more expertise in certain areas. It means they’ve hired well.  The key is to create an environment where that expertise is shared and valued, not feared. One specific strategy I use is to regularly set up “knowledge-sharing sessions.”  We make it clear that everyone, including myself, is there to learn. The goal is to encourage questions and create a space where everyone feels comfortable contributing.  This approach does a few things: It shows the expert that their skills are appreciated, it spreads that knowledge throughout the team, and it builds respect because everyone sees the value that person brings. Shantanu Pandey, founder and CEO, Tenet Embrace Reverse Mentoring Leaders should embrace the expertise of their team members by shifting from a traditional top-down approach to a collaborative mentorship model, where learning flows both ways. One effective strategy is reverse mentoring, where experienced team members regularly share insights with leadership in structured sessions. Instead of positioning themselves as the ultimate authority, leaders can schedule monthly knowledge exchanges where subject-matter experts within the team lead discussions on industry trends, technical skills, or new strategies. This fosters a culture of shared learning and mutual respect, allowing leaders to stay informed while empowering their teams to take ownership of their expertise. By acknowledging and valuing specialized knowledge, leaders build trust and encourage open collaboration. This approach not only strengthens decision-making but also creates an environment where innovation thrives, as employees feel their insights are heard and acted upon. Chris Giannos, cofounder and CEO, Humaniz Practice Curiosity-Driven Leadership One of the most underrated yet powerful leadership strategies when managing a team with more expertise is Curiosity-Driven Leadership, a mindset that shifts a leader from “knowing” to “learning,” fostering an environment of psychological safety, collaboration, and mutual respect. Instead of feeling pressure to match their expertise, leaders should ask insightful questions, elevate the knowledge of their team, and integrate their expertise into strategic decisions. Here’s how: 1. Ask insightful questions Instead of pretending to know the answer, leaders can ask, “What would you do if you had full autonomy over this decision?” or “What are we not considering here?” This shifts the power dynamic from leader-to-expert to peer-to-peer, making the expert feel valued rather than managed. 2. Elevate expertise publicly A leader’s role is to shine a spotlight on expertise. A simple way to do this is by saying in meetings: “I defer to [Team Member] on this. It’s their area of mastery.” Giving credit and public recognition fosters mutual respect and trust. 3. Integrate expertise into strategic decisions The difference between a leader who listens and a leader who leverages expertise is action. Instead of collecting insights and making an isolated executive decision, involve the expert in shaping the outcome. This might look like saying, “Based on your recommendtions, how do you think we should implement this?” Leaders who embrace curiosity over control gain the trust of their team, create an environment where expertise flourishes, and ultimately make better, more informed decisions. When leaders stop trying to be the smartest person in the room and instead become the most curious, they unlock the full potential of their team. Manuel Schlothauer, founder, HeyManuel.com Co-Create With Your Team Great leaders recognize that expertise isn’t a threatit’s an asset. When managing a team with specialized knowledge, the key is to shift from command and control to coach and empower. One effective strategy is co-creationinvolving experts on your team in decision-making rather than dictating solutions. By facilitating open discussions, asking insightful questions, and positioning themselves as a strategic guide rather than the smartest person in the room, leaders create an environment where innovation thrives. This approach not only fosters mutual respect but also ensures that the best ideas rise to the top, driving both team engagement and business success.  A helpful mindset practice for leaders in this situation is intellectual humilityembracing the idea that you don’t need to have all the answers, but you do need to ask the right questions. Practicing this means shifting from feeling like you must prove your value to instead recognizing your value as a facilitator of expertise. A simple habit is to start meetings with curiosity-driven prompts, such as, What’s a perspective I might not have considered? or, What are the potential risks or opportunities you see? This keeps the focus on collective problem-solving rather than hierarchical decision-making, reinforcing trust and collaboration. Shannon Garcia-Lewis, chief people officer, Pella Windows & Doors, Rocky Mountain Encourage Your Team To Speak Up As a business leader, I don’t expect to be the expert across all areas of the business, and I embrace the situations when my ideas are challenged. Bringing in new ideas and approaches to solving problems is critical to our business growth.    When interviewing candidates for open roles, we look for the personality types that will challenge the norm and don’t hesitate to speak their mind. We believe in this so much we layered it into the foundation of our team culture which we share on our careers page.  Specifically, we ask our team to: “Mean itshare opinions honestly and respectfully. Don’t be afraid to pick a side and defend it.” Jared Brown, CEO, Hubstaff Lean Into Team Expertise In order to solve our most pressing and challenging business problems, sometimes we need someone with more expertise than us to carve a path forward. For some leaders, relying on someone with more expertise can lead to stress or worry that they’re losing control, unable to keep up with the latest industry trends, or worse yet, viewed by their colleagues and boss as out-of-their-league.  But at the end of the day, we must always keep the big picture in view, and be willing to discover what we “know we don’t know” so we can take questions we have to our teams and lean into each person’s expertise to build trust across the team, and collectively drive our efforts forward to success.  I lead an analytics department, and we recently migrated our HR organization’s data to a central hub from multiple SaaS vendors whose built-in reporting features weren’t cutting it. Pretty quickly, I realized I was in over my head. But by sharing with my team the bigger picture of what our collective success would look like when we finished this project, I was able to encourage an ongoing, open dialogue that allowed team members to volunteer new ideas and approaches, which in turn allowed me to ask better questions.  By relying on everyone’s expertise and trusting them to drive their areas as they best saw fit, I had more time to clearly define my expectations of the team at each stage, and lean into their expertise to collaboratively craft an even better solution than any single one of us could have come up with alone. This also forced me to better learn the challenges each person faced through the project, and either remove obstacles in their path, or guide their efforts around roadblocks to keep progress moving forward. Knowing and acknowledging our limits as leaders is critical; we can better realize what we know we don’t know, and use those opportunities to build better solutions for our clients, while also building team trust along the way. Casey Meadows, head of talent acquisition analytics, Upstart


Category: E-Commerce

 

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