Business

Morgan Stanley increases employee benefits programs

Morgan Stanley is significantly expanding its employee benefits programs – giving new parents at least 16 weeks off and giving some employees the ability to buy stock at a 10% discount, according to a report.

Under the new benefits program, Morgan Stanley increases their contributions to employees’ 401(k) plans and allows employees to take four weeks of paid leave to care for family members, Bloomberg reported.

As the article said previous report, Wall Street bonuses are expected to hit a record as financial giants such as Goldman Sachs and JPMorgan grapple with a severe shortage of bankers, even as trading demand continues to grow.

After winning significant pay raises this year, Wall Street financiers can expect double-digit gains in year-end bonuses, according to recent data from compensation consulting firm Johnson Associates – a jump not seen since before the Great Recession.

Goldman Sachs
Wall Street workers are enjoying the biggest pay rise since the Great Recession and are also enjoying more benefits.
REUTERS

With a historic wave of mergers, IPOs, spinoffs and other big strategic deals continuing to pour in, bonuses for investment bankers will grow the most, with increases of 30 to 35 percent. compared to 2020, according to the company.

Banks don’t just raise wages – they make lifestyle concessions for employees. Employers told The Post that Goldman Sachs and JPMorgan will set expectations that everyone needs to go to the office. But they will be willing to work around the employees they really want to keep or hire.

Not everyone on Wall Street predicted doom and gloom. One insider admits there may be more time off work than usual but believes the ample salaries the companies have made over the past year will help retain some junior staff.

JPMorgan Chase
JP Morgan wants employees back in the office, but is willing to deliver the talent the company specifically wants to retain.
AFP / Getty Images

The move comes as the war for talent heats up and companies ramp up their tactics to keep talent.

https://nypost.com/2021/12/17/morgan-stanley-increases-employee-benefit-programs/ Morgan Stanley increases employee benefits programs

Bobby Allyn

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