Monday 10 December 2007

Zoe Cruz ousted from $27million Morgan Stanley job

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Earning $27 million last year Ms. Cruz is a heads up to those who work for Wall Street firms says Regent Atlantic, a New Jersey fee only, wealth manager. Already this year they quote a record-breaking 141,442 financial jobs cut, exceeding the previous record of 116,647 jobs cut in 2001. In the past three months alone, financial job cuts totaled 73,000, or 46% more than in all of 2006. And most analysts think that the full impact of layoffs due to subprime is yet to hit.

If the news came as a shock to Zoe, say Regent, what would you do to prepare yourself in the light of a cleared desk and new nameplate on your office door? Here are nine questions Regent Atlantic ask you to consider:

· If you were to lose your job, what would happen to the stock options, restricted stock, and other incentive compensation schemes you’re fortunate to have? When was the last time you evaluated your options to decide whether to exercise? What is the financial incentive for holding your company stock?
· How long could you continue to pay your bills without regular pay?
· What amount of your financial benefits is vested, and thus belongs to you when you leave the company, and what might be lost?
· Do you have a loan outstanding or profit sharing account? If so and you leave the company, you will need to repay the loan or else be subject to a significant tax and possibly a penalty.
· If you had to decide between a lump sum payout or a series of 10- or 15-year distributions of your deferred compensation, which would be better for you?
· How long might you be able to continue to receive medical insurance? Do you know what the rules are? And what about others who depend on your insurance being in place?
· What happens to any disability policy? Is it portable?
· Do you have a signed copy of your non-compete contract? Know what constraints, if any, your employer has placed on your ability to seek your next job.
· Is your resume up to date?

Read more about Zoe Cruz on these links

http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=az9ejFXbzq9U

http://www.bloggingstocks.com/2007/11/30/was-subprime-the-excuse-for-ousting-zoe-cruz/

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