Morgan Stanley Reviews in Purchase, NY | Glassdoor

Morgan Stanley Purchase Reviews

Updated April 19, 2017
29 reviews

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Purchase, NY

2.6
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Morgan Stanley CEO James P. Gorman
James P. Gorman
11 Ratings

29 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 (10)

    "Horrible Pay and Conditions in Wealth Management Capital Markets"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Wealth Management Capital Markets in Purchase, NY
    Current Employee - Wealth Management Capital Markets in Purchase, NY
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Morgan Stanley full-time (More than 3 years)

    Pros

    Great gym. Free parking onsite.

    Cons

    This review specifically applies to wealth management trading floor based primarily in Purchase that covers top Financial Advisors' UHNW, middle market and HNW Clients. The division falsely advertises itself as Capital Markets, that is NOT to be confused with the venerable Global Capital Markets desk in the city that brings deals to the market for major companies.

    Firstly, the horrible compensation ranges say it all:

    After ones first three years, compensation (both base and 'bonus') is far below street avg even within UHNW/how bucket:
    - Analyst ( yrs 1-3): $95k-$120k
    - Associate ( yrs 3-6): $110k- $160k
    - VP ( yrs 6-10): $110-$170k --> you are stuck now and doing exact same work as A2
    ED (yrs 10- infinity): $150-$250k

    In the past four months alone, the unit has lost 12 of its stronger performing analysts, associates and younger vps. It even lost its HR Rep in charge of "retaining talent." One would think management would be inquisitive as to this brain drain, especially when they trumpet the wealth management's staff support's "intellectual capital" as a point of strength in helping the firms top individual Clients. But they have not nor do they seem to care. They recruit finance and Econ majors from schools like Harvard, Brown, Georgetown, BC, Nova etc, train them up over a year period, only to lose many by year three. THE ENTIRE ANALYST CLASS OF 2008 IS GONE; all left to greener pastures.

    Over the last four years, there has been 4 different heads of this division. That's right- MDs in charge of managing a 300 person division that produces a half billion in revenue per year just can't seem to stick around. This volatility at the top trickles down to the next rung of management (EDs and newer MDs) where a culture of solo performance, selfishness, complete lack of communication and mendacity permeates the environment.

    Some examples:

    - Multiple colleagues have told me, and I've heard it myself, that their manager told them that their performance review nor rating does NOT determine ones compensation. When pressed on what actually determines compensation, no manager has ever explained it. If for example you are a trader at the associate or vp level and produced $15MM in PnL for the year, you could very well get a 'bonus' of $20-30k pretax, and a low base; very uncompetitive for a 11 hr/day job with a 1 hr commute each way. This has occurred multiple of times to multiple ppl; don't think you'd be an exception. Regardless, no manager has ever explained the discrepancy between performance and pay. One can only infer it is because the division's management is of extremely poor quality and does not advocate senior execs on the divisions value add.

    - stagnate compensation between analyst-vp. Many second year analysts get paid as much if not more than first-third year vice presidents. One third year associate recently left to lesser competitor and was offered twice their MSWM capital markets total compensation.

    - three star associates who made VP in the last four months left to competitors after they found out their promotion came with a DROP in year on year compensation. They wete doubled at other firms. What kind of management promotes its up and coming officers only to then lower their year on year pay? Bad managers.

    - There is an institutional desk in the city at Broadway and 42nd- where management should encourage relationships and communication to open up, there actually is a policy that says sales staff in Purchase cannot communicate with their colleagues in the city about any market/ job related issue.

    - On top of a traders' PnL not being linked to anything comp related, neither are the sales force's sales commission. A sales person may do proactive trades that generate $10mm in gross credits over a year, but the managers do not attribute that work at the end of the year to that persons' efforts. Instead liken it to something that would have happened anyway. Well, what's the point of having a sales force then.

    If you don't believe those numbers just do a check on glassdoor but select "Purchase" as location, not nyc. If you decide to join this desk despite this warning, realize you will. E joining a glorified help desk

    Advice to Management

    - I've heard a couple managers (ED level) use bigoted slurs that are regarded as homophobic in mainstream professional cultures. They should know better by then. I'm sure
    the you get talent hears this as well and doesn't appreciate it. There is only one female traders and no ethnic minority traders.

    - it is in Purchase. It is a major pain to ever so anything with clients. Management in fact encourages trading personal NOT to get to know clients or do standard things at other firms such as dinner, drinks, etc. as a trader, you have limited if any 'street coverage'. And in sales, you do not actually get to speak directly with clients, instead must go through a Financial Advisor. Integrate personnel there with the main institutional desk in the city.


  2. Helpful (2)

    "The absolute worst, Purchase runs like a warehouse, no leadership, lots of know- it-alls"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Assistant Vice President in Purchase, NY
    Current Employee - Assistant Vice President in Purchase, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Morgan Stanley full-time (More than 3 years)

    Pros

    Location and that's about it.

    Cons

    No transparency, HR isn't knowledgeable or strategic thinkers so you're off on bad footing from day 1. Sr mgmt. often micromanages, never any recognition or rewards. Negotiate salary upfront because that's all you're getting. The Purchase building is rundown. Needs a facelift along with archaic technology and programs. Hard to believe this is a financial institution. Operates more like a warehouse. Revolving door of know-it-alls.

    Advice to Management

    Leave and get a new job elsewhere. I hear McDonald's is hiring.


  3. Helpful (1)

    "Senior management is great at patting themselves on the back."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Assistant Vice President in Purchase, NY
    Current Employee - Assistant Vice President in Purchase, NY
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at Morgan Stanley full-time (More than 3 years)

    Pros

    Free coffee. Motivational posters in the elevators speaking about how great the company is doing.

    Cons

    No raises or bonuses in the three years I have been there, despite having the highest possible performance reviews.

    The CEO is an arrogant man full of himself. The level of disregard he shows to the employees is astounding but is rewarded by the board.

    Any kind of promotion within the firm is by title only. HR refuses to bump up salaries equal to the new title.

    Only way to get head from a salary stand point is to leave for another role.

    Advice to Management

    Pay your employees fairly. Cost of living has gone up, but pay has been stagnant for years. If you are raking in millions in bonuses, there needs to be some level of fair incremental raise for the rank and file employees as well.


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  5. "I came from Citi Smith Barney we were moved to Morgan Stanley Smith Barney"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Program Manager in Purchase, NY
    Former Employee - Program Manager in Purchase, NY
    Doesn't Recommend
    Negative Outlook

    I worked at Morgan Stanley full-time (More than 3 years)

    Pros

    The people I worked with.

    Cons

    Morgan Stanley created a new company so they could deny benefits to people and still call it "Morgan Stanley". I think out of 20, many there are 2 people left. Everyone else quit or got another job. Low morale, low pay. They had a dinky van they charged us $400 a month, you read it right, from our paychecks, for us that were coming from NYC. I quit as soon as I got the bonus.


  6. Helpful (4)

    "Great for Newbies, Sucks for Veterans"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President in Purchase, NY
    Current Employee - Vice President in Purchase, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Morgan Stanley full-time

    Pros

    It is a job that pays a salary.
    You can work as hard as you want.

    Cons

    Some areas have an inner circle, good luck breaking into it.
    Management is extremely weak or non-existent.
    Enough of the Town Halls. They are used by Senior Management for self promotion.
    Culture is non-existent.

    Advice to Management

    Bring back John Mack, or bring in someone with a personality.
    Senior Management is weak.
    A great short if you are a shareholder


  7. "Regular"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Purchase, NY
    Current Employee - Anonymous Employee in Purchase, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Morgan Stanley has a terrific reputation and is recognized as one of the top financial services firms in the world

    Cons

    Compensation has suffered on recent years and it remains to be seen what impact this will have on Morgan Stanley's ability to attract and retain top talent

    Advice to Management

    I think that senior leaders should focus more on talent and compensation. It is understood that banks now operate in a different environment but at a fin svcs firms there's not much more in terms of competitive advantage than people


  8. Helpful (2)

    "Lack of Opportunities in MS Wealth Management Capital Markets"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Wealth Management Capital Markets in Purchase, NY
    Current Employee - Wealth Management Capital Markets in Purchase, NY
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I have been working at Morgan Stanley full-time (More than a year)

    Pros

    + There's been some great people I've met after starting my career on Wall Street over two years ago.
    + Learn a variety of capital market products within a year.
    + If you live in CT or Westchester, the commute is ideal.
    + Nice gym for $15/month

    Cons

    - The managers of this 300 person operation recruit smart Top 20 College seniors to positions promising an opportunity in "Sales and Trading" at Morgan. This could not be further from the truth:
    - No client interface. You are told that your clients are Financial Advisors, who actually 'own' the client relationship. They block your ability to pitch ideas directly to clients.
    - You often become a help desk/support for these Advisors. Need to know how to set up a printer? Call MSWM Capital Markets. Often you may have various trade ideas ready and waiting, but get too bogged down in the help desk function of the job to even get a chance.
    -Pay is awful for the work. Despite having to work 12 hours/day and deal with 2.5hr commute. Associate pay is 30% below street average. VP pay is at same level as analysts at other firms.

    Advice to Management

    Increase transparency for job openings on the trading floor.
    Increase communication/ie, stop lying to employees about compensation, layoffs, etc.
    Provide expectations for what sales and traders performance metrics.
    Allow people to transfer to other areas of the firm. Don't trap them there.


  9. Helpful (3)

    "Look out for number One"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President Operations in Purchase, NY
    Current Employee - Vice President Operations in Purchase, NY
    Recommends
    Neutral Outlook
    Disapproves of CEO

    I have been working at Morgan Stanley full-time (More than 5 years)

    Pros

    Premier investment company. You will get some good experience although the approach is much more segmented. This allows management to plug and play people instead of developing a more broad knowledged individual. This is also why people leave the firm- lack of training and a dead end job.

    Cons

    The company has changed alot over the years- you feel like a number. They don't value effort any more- it's about dollars and sense even if that means putting people in seats that don't know what they are doing to save 20k a head. Sad but that is what the firm has come to. Poor leadership from the top- manage by fear not by what you can accomplish.

    Advice to Management

    You have brought this company to it's knees by the poor approach to it's workers. Yeah there will always be people that want to work at Morgan Stanley- you can get great experience and there are still some good people working there. I would say the average stay of a person who works at Morgan probably went from 10 plus years to under 5.


  10. "They're killing themselves"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President in Purchase, NY
    Former Employee - Vice President in Purchase, NY
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Morgan Stanley full-time (More than 3 years)

    Pros

    Good people. Most people trying to make the right things happen

    Cons

    Very beaurocratic. Don't listen to front line managers. Will fire staff in a second to make financials better. Short term focus for managers.

    Advice to Management

    Look at the long term. Ride through the lows and be ready for the upswing.


  11. "No bonus for last 3 years for certain legacy Morgan Stanley employees in Operation"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Operations Analyst in Purchase, NY
    Current Employee - Operations Analyst in Purchase, NY
    Disapproves of CEO

    I have been working at Morgan Stanley full-time (More than 5 years)

    Pros

    Brand Recognition of Morgan Stanley in Investment banking and wealth management.

    Cons

    No upward mobility for operation or support folks from legacy MS side.

    Advice to Management

    Please check the comp structure for Operation and support staffs


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