The Washington Post

Wall Street giant seeks more Black recruits

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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.

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