In this news, we discuss the Morgan Stanley launches Black recruitment program to boost trading unit’s diversity.
(Reuters) – Morgan Stanley is piloting a program to recruit black talent in its sales and trading division, executives told Reuters, as part of the US company’s latest initiative to improve diversity after the protests national laws against racial inequalities.
Morgan Stanley’s experienced professional program within its Fixed Income and Business Resource Management divisions seeks Black professionals with at least two years of full-time work experience in any field who wish to work in finance. .
“As long as you have the communication skills, the analytical skills, the interpersonal skills and are willing to work hard, you could have a solid career,” said Derek Melvin, general manager who designed the program, in an interview. on Wednesday.
The banking industry has come under scrutiny for its lack of racial diversity since the May 25 death in police custody of George Floyd, a black man, sparked protests and sparked deep introspection in businesses across the country.
This has led to new commitments to improve diversity and link executive compensation to the achievement of related goals. However, such an action raised concern among the authorities.
Last week, Wells Fargo & Co defended its diversity initiatives after the United States Department of Labor questioned whether they were illegal or discriminatory.
Morgan Stanley’s program is only open to a maximum of 20 people. Melvin said he hopes the program, if successful, will be replicated across the firm’s corporate securities business.
The division, the bank’s biggest breadwinner, on Thursday announced a 21% increase in third-quarter revenue, helping the bank to beat Wall Street estimates.
Successful candidates will receive one month of training before doing 10-week rotations at different negotiating desks, leading to full-time employment.
The feedback on the program so far has been impressive, Melvin said. Since its advertisement at the end of September, its team has received more than 700 applications. Successful candidates will be chosen by the end of the year.
“We expected that after a month we would have about 100 to work on,” Melvin said in an interview. “But we were surprised at the benefits here.”
Reporting by Imani Moise; Editing by Christopher Cushing and Paul Simao
Original © Thomson Reuters