"Ex-Credit Suisse Alumni Lead Job Market Growth Amid Morgan Stanley Layoffs"

Morgan Stanley's CEO, Ted Pick, has announced job cuts in the Wealth Management division, targeting non-customer facing and support roles, following a trend seen in other banks like Citi and Deutsche. The cuts may be a result of the completion of cloud computing projects, leading to reduced need for staff to operate and maintain legacy systems. Meanwhile, former Credit Suisse employees are dominating the market, forming a persistent alumni network, and Element Capital's Jeff Talpins is shrinking the fund to improve performance. Andrea Orcel is increasing the bonus pool for employees, and Citi is giving its Hong Kong staff generous "lucky money" for Chinese New Year.