Morgan Stanley - Recently deposed IT staffer tells all | Glassdoor
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Helpful (4)

"Recently deposed IT staffer tells all"

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  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - IT Associate in San Francisco, CA
Former Employee - IT Associate in San Francisco, CA
Doesn't Recommend
Disapproves of CEO

Pros

Huge, innovative global investment bank with a good reputation. Technology is cutting edge and excellent for an organization that size. Despite market turmoil company is solid and well managed. Growth opportunities exist but usually only for newcomers. Desirable locations for offices to work in.

Cons

Unfortunately many. The biggest downside is lack of security. In my 2 + years there I witnessed severe attrition and laying off. While I can't pretend to know what was going on in each business unit, it did seem that the people who had been with the firm the longest were the first to go. Some well known departments were wiped out and replaced almost entirely. I suspect this is to avoid paying an accruing pension and because of "job performance". The ruthless bankers and managers seemed to be the only ones that survived. Ruthless business I understand, but I've met plenty of successful people who didn't resort to ruthlessness to survive.
I would also have to complain about some of the middle management. Some of the people chosen to serve in the ranks of middle management were flat out incompetent. My department was re-orged entirely, I was told my job had been outsourced, so I went out and got a better job. Some who decided to stay on got fired instead of a new job as a consultant.
All in all, it's a big name shop and if you can get in it's a good place to work, but like a lot of other big name companies, be a little leery of what is "promised" at your interview. You will pay dues no matter where you come from, you will probably not make as much as you thought, and after years of dedication you will probably get pinched. Wish I could be more optimistic but I saw several senior bankers in full crisis mode after losing their jobs when they were obviously planning on retiring from the company. I realize times have changed, but Morgan Stanley doesn't even pretend to honor your time spent there, and to me that kind of sucks.

Advice to Management

Similar complaints from most of us not in management. Underlings are not idiots (at least not all of them). Pay attention to what's happening right under your noses. All banks are in trouble today because small, isolated groups with a lot of authority decided to make some really dumb bets. Question everything, just like you did when you were younger, and avoid the trouble that complacency so often brings.

Other Employee Reviews for Morgan Stanley

  1. Helpful (1)

    "Stable, good pay, great work-life balance, becoming a telemarketing job"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor (Client Advisory Center- Salary With Bonus) in Columbus, OH
    Current Employee - Financial Advisor (Client Advisory Center- Salary With Bonus) in Columbus, OH
    Recommends
    Approves of CEO

    Pros

    Positive corporate culture (gender equality initiatives, employee appreciation and performance-based incentives), great benefits (best medical benefits package I have ever seen, great employee discounts at dozens retailers/etailers and okay employee discounts on brokerage accounts) and vacation package (I got 3 weeks to start, now new hires only get 2 weeks to start- you get the vacation as of Day One), great professional development opportunities, open-door policy with senior management, great work-life balance, I get a salary plus bonus instead of commission-only.

    Cons

    Pay may be lower than that of other companies (this may be offset by great work-life balance), my office is several states away from New York City, so advancement opportunities are nonexistent unless I were to relocate to NYC, and I am not relocating to that overpriced place unless my salary were to at least triple. Going from a customer-service business model to a hard-core telemarketing business model- this is causing significant turnover and eroding morale.

    Advice to Management

    Since you are obviously changing our business model from customer-service to hardcore telemarketing, have the courage to come out and say it. Your vague platitudes and assurances about the integrity of our business model is nothing more than a house of cards. The Emperor wears no clothes!


  2. Helpful (1)

    "A Worsening Picture"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - GWMG Analyst in Purchase, NY
    Current Employee - GWMG Analyst in Purchase, NY
    Disapproves of CEO

    Pros

    Name recognition, great place to begin, networking

    Cons

    Very difficult to advance, especially to another area of the firm. Too much politicing. Significant differences from department to department in terms of culture, pay, and opportunities. Not a good place to develop talent, as it is underappreciated and under-utilized (not to mention the worst error, underpaid!)

    Advice to Management

    Give more consideration to those working to become established. Make moving on to new areas of the firm a bigger emphasis and one that is more realistic. Currently, dept have no push to look internally before externally. Someone with talent in one area of finance, with the right drive, determination and example, should be successful in other areas of finance just as easily. Also, reinstate the tuition reimbursement program, or at least increase it from the new $10k a yr max (it was 100% reimbursement as early as spring 2008).

There are newer employer reviews for Morgan Stanley
There are newer employer reviews for Morgan Stanley

See Most Recent

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