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The
Morgan Stanley Experienced Professional Program within its Fixed
Income & Business Resource Management Divisions is seeking Black
professionals with at least two years' full-time work experience
in any field who want to work in finance.
"As long as you have the skill set around communication,
analytical abilities, interpersonal skills, and you are willing
to work hard, you could have a strong career," said Derek
Melvin, a managing director who designed the program.
The banking industry has been scrutinized for its lack of racial
diversity since the May death in police custody of George Floyd,
a Black man, sparked demonstrations and prompted deep
introspection at companies across the country.
That has led to fresh pledges to improve diversity and tie
executive compensation to meeting related targets. However, such
action has triggered concern from authorities.
Last week, Wells Fargo & Co defended its diversity initiatives
after the U.S. Labor Department questioned whether they were
unlawful or discriminatory.
Morgan Stanley's program is only open for up to 20 people, but
if successful Melvin said he hopes it will be replicated across
the firm's institutional securities business.
Successful applicants will get one month's training before doing
10-week rotations on different trading desks, leading to a
full-time job.
Feedback on the program so far has been overwhelming, Melvin
said. Since advertising it at the end of September, his team has
received over 700 applications. Successful applicants will be
chosen by the end of the year.
"Our expectations were that after a month, we'd have about 100
to work through," Melvin said in an interview. "But we've been
surprised to the upside here."
(Reporting by Imani Moise; Editing by Christopher Cushing)
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