Morgan Stanley Reviews in Chicago, IL | Glassdoor

Morgan Stanley Chicago Reviews

Updated December 5, 2016
8 reviews

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Chicago, IL Area

2.0
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Morgan Stanley CEO James P. Gorman
James P. Gorman
1 Rating

8 Employee Reviews

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Pros
  • Work-life balance is the best out of any job I have seen (in 299 reviews)

  • Great work environment and people (in 265 reviews)

Cons
  • The work-life balance is similar to that of other banks (in 285 reviews)

  • Long hours to establish business; longer time to establish clientele would be helpful (in 331 reviews)

More Pros and Cons

  1. Helpful (2)

    "Program Manager"

    Star Star Star Star Star
    Former Employee - Senior Program Manager/Engagement Manager in Chicago, IL
    Former Employee - Senior Program Manager/Engagement Manager in Chicago, IL
    Doesn't Recommend

    I worked at Morgan Stanley (More than 3 years)

    Pros

    Challenging work and opportunities; company in streamline mode allowing resources to get involved in areas outside prime roles which is a learning opportunity.

    Cons

    Extremely long hours and lack of management support; as company streamlining folks are let go abruptly and not handled in a professional manner.

    Advice to Management

    Empower your senior resources and support them as needed vs. staying not being engaged nor available as needed. Manage transition in a more thoughtful manner.


  2. "12 years of loyalty down the tubes"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Programmer in Chicago, IL
    Current Employee - Programmer in Chicago, IL
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at Morgan Stanley full-time (More than 10 years)

    Pros

    able to work from home

    Cons

    I was told there was plenty of work for me to do as the office got smaller and smaller, and then i get the ax. No truth in management. No loyalty. Bad compensation.

    work is 50 - 60 hours a week

    Advice to Management

    Tell the truth and be honest. dont wait until review times to show the door.


  3. Helpful (3)

    "If you want to jump into fire, then work here...."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor Associate in Chicago, IL
    Former Employee - Financial Advisor Associate in Chicago, IL
    Doesn't Recommend
    No opinion of CEO

    Pros

    Nice People
    Brand Recognition
    You are not micromanaged, management is hands off as long as you reach your numbers

    Cons

    It's all a numbers game, with the employees as well as prospective clients. In regards to employees, instead of focusing on quality, management hires Financial Advisor Associates (those entering the firm without an existing book) in high numbers and then weeds out nearly all -- including the most talented. Very high risk job regardless of the strength of your background. Promises of upside compensation are not realistic for 5 - 7 years in the business. Expect to make next to nothing after your 18 months of salary is up (Literally $30K - $50K).

    Stress level associated with the job is incredibly high regardless of who you are, my entire class felt this way. Extremely high turnover. A lot is luck, I literally saw one person stay on when he didn't make his numbers for an entire year and then another person lost his job in the first 3 months and he had just barely missed his numbers (it's all based on the company's timing, you never know when they are going to do mass cuts).

    Advice to Management

    Focus on hiring qualified candidates and give them more support, you have to be losing a fortune with your current model of burn and turn, but you do keep the spoils of accounts from those you fire. You're diluting your brand through telemarketing and dinner seminars.


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  5. Helpful (1)

    "Slow movement, hard headed management. No room to advance"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Analyst in Lake Barrington, Lake, IL
    Former Employee - Financial Analyst in Lake Barrington, Lake, IL
    No opinion of CEO

    Pros

    Benefits, flexibility. fellow analyst, facility

    Cons

    hours, intelligence, mobility upwards, pay

    Advice to Management

    let some younger brighter minds participate in decision


  6. Helpful (1)

    "Internship at Smith Barney Private Wealth Management"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Intern in Chicago, IL
    Former Employee - Intern in Chicago, IL
    Doesn't Recommend
    Disapproves of CEO

    Pros

    good name to place on your resume, conveniently located near the train station, leaving for personal appointments is no problem

    Cons

    very old school in terms of management and culture, no ethnic diversity, corporate ladder at its finest, treat you like a robot

    Advice to Management

    no


  7. Helpful (1)

    "Probably not the best choice"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Sales Assistant in Chicago, IL
    Former Employee - Sales Assistant in Chicago, IL
    Doesn't Recommend

    Pros

    Bonuses can be good depending on the broker(s) you're working with. Hours are managable, not typically much more than 40 hours per week.

    Cons

    Very little recognition for work completed. Many brokers are very condescending and if you're stuck with the wrong broker(s) the bonuses may pale in comparison to other sales assistants.

    Advice to Management

    Have a better awareness of the salaries at competing firms. Tie bonuses into overall branch performance rather than leaving them up to brokers.


  8. "This firm has the potential to be great"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in West Chicago, IL
    Current Employee - Financial Advisor in West Chicago, IL
    Doesn't Recommend
    Approves of CEO

    Pros

    Excellent Research and Investment Bank. Trading floors are full of very talented people.

    Cons

    The management at the Regional Level is weak. Full of empty suits who are looking for ways to protect their jobs rather than grow the business. They bring absolutely no value to the relationships that I have with my clients. I hear that they paid some recruit over $5 million to join us and he/she only produced around $400,000 in the first year. What a waste of money!!! As a shareholder I an angry. This is money that I could have used for marketing and sales support

    Advice to Management

    Help!!! Get more involved with the activities of the regional management


  9. Helpful (3)

    "Morgan Stanley: No Merit-Based Compensation"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investment Banking Analyst in Chicago, IL
    Former Employee - Investment Banking Analyst in Chicago, IL
    Doesn't Recommend
    No opinion of CEO

    Pros

    Because of its global reach, Morgan Stanley offers exposure to the happenings in the world wide market. It was great to get emails from all around the world asking for presentation pages or research, and to see what kind of deals other people were working on. As an integrated investment bank, we had the resources of banking, capital markets, and research at our disposal.

    The corporate resources were also great. We had full support staff to help us with formatting and printing books. The benefits package was full and comprehensive. Because Morgan Stanley needs to compete for talent with the European labor market, which has stronger quality of life requirements than the US, Morgan Stanley gave us four weeks of vacation. However, they tried to keep us so busy that we couldn't take all four weeks.

    Cons

    They bonus is not performance-based, but based on a formula of how long you've worked there and how well your group does that year. This removes any incentive to excel at your job, since they aren't going to pay you any more if you put in extra hours.

    Management tends to be dismissive of analysts and has a hard time integrating new ideas or doing anything different from the way that the industry has already been doing for decades. I have an economics degree from the University of Chicago, but most of my VPs and MDs had degrees from state schools or local colleges. They simply weren't able to communicate concepts on the same plane that I was on. This led to failure of communication and lack of mutual respect.

    Morgan Stanley's Chicago office also lacks the vibrant diversity that you would expect from a global firm. Most employees are white graduates of large midwestern schools such as Michigan, Notre Dame, Wisconsin Madison, Illinois, and Ohio State. The bland culture means deal teams have a hard time understanding the global marketplace they are working in.

    Advice to Management

    Senior management is more interested in protecting their small clique of colleagues who have been at the bank together for 25 years. As a result, they drive away top talent from really good schools, and associates and VPs tend to come and go on a revolving door basis.

    Treat your employees with more respect, encourage people to work hard but still take time to go to the gym and have an enriching personal life, encourage good ideas in the work place and compensate people who work well and exceed expectations.


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