The Washington Post
Wall Street giant seeks more Black recruits
Morgan Stanley is expanding a program to recruit Black professionals into its markets business regardless of their experience in financial services, bank executives said.
Last fall, the Wall Street giant launched the Morgan Stanley Experienced Professionals Program, which invites Black professionals from any field to apply, in a bid to improve diversity within the business.
The initiative was meant to cast a wider net to reach qualified candidates typically missed by the traditional Morgan Stanley recruitment process, said Derek Melvin, a managing director in the fixed-income division who designed the program.
Since launching the program in its fixed-income and business resource management divisions, the bank has added a second cohort to its equity research division and is recruiting for a third group within its equity sales and trading department.
The first cohort started training last month and includes former lawyers, educators and government officials. One new hire spent his career as an aviation mechanic with Delta Air Lines, another was an intelligence officer, and another was a media producer. Fewer than a third had backgrounds in financial services.