Vend a helping hand

Morgan’s $2M to aid street-food sellers

Morgan Stanley CEO James Gorman is playing Santa Claus to New York City’s struggling street-food scene, which has been devastated by the pandemic.

The financial-services company has committed $2 million to keep the city’s street vendors afloat, on top of a $375,000 donation from the Robin Hood Foundation, which was founded by hedge-funders such as Paul Tudor Jones, the bank and brokerage house announced Wednesday.

The $895 billion firm wants to ensure these mostly minority-owned businesses, many of which were excluded from coronavirus-relief funding, are still around when the pandemic ends and workers return.

“New York City street vendors are a central part of the cultural fabric of New York City,” Gorman said in a statement. “With our headquarters in Times Square, many of our employees rely on these vendors for their morning coffee or a quick lunch.”

The city’s more than 20,000 vendors contribute an estimated $293 million to the Big Apple’s economy on an annual basis, according to Morgan Stanley’s data. But the pandemic, which has obliterated tourism and emptied out offices, has resulted in reported losses of up to 90 percent, the bank said.

More than three-quarters of these vendors are now struggling to pay fines, garage-rental costs and permit-fee increases, and have been forced to borrow from friends and family or pawn assets, the bank said, citing a recent survey by Women in Informal Employment: Globalizing + Organizing in collaboration with the Street Vendor Project.

Morgan Stanley said it and Robin Hood will work with the Street Vendor Project to identify the neediest vendors and help them pay their rent, utilities and food bills until the city is again filled with busy pedestrians looking to grab a hot dog or cheap cup of coffee.

Gorman, who tested positive for COVID in March, is also calling on other bankers to join him.

“We are proud to work with Robin Hood and the Street Vendor Project to provide economic relief to vendors during a critically difficult time, and encourage others to join us in this important mission,” he said.

Morgan Stanley CEO James Gorman has pledged to assist street vendors whose businesses have been battered by a dearth of office workers and tourists during the pandemic.