Morgan Stanley increases employee benefit programs

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Morgan Stanley is dramatically expanding its benefit programs for employees — giving new parents at least 16 weeks off and allowing some employees the ability to buy stock at a 10 percent discount, according to a report.

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

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As The Post has previously reported, bonuses on Wall Street are expected to hit records as financial giants like Goldman Sachs and JPMorgan grapple with a dire lack of bankers, even as demand for dealmaking continues to surge.

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

Goldman Sachs
Wall Street workers are enjoying the biggest pay raises since the Great Recession and are being given increased benefits as well.
REUTERS

With a historic tide of mergers, IPOs, spinoffs and other big strategic deals continuing to flow, bonuses for investment bankers will see the steepest jump, with a 30 to 35 percent increase in their bonuses from 2020, according to the firm.

Banks aren’t just hiking pay — they’re also making lifestyle concessions to employees. Recruiters told The Post that Goldman Sachs and JPMorgan will set the expectation that people need to come into the office. But they’ll be willing to work around employees they really want to keep or hire.

Not everyone on Wall Street is predicting doom and gloom. One insider concedes there may be more departures than usual but believes the ample pay raises that firms made over the past year will help retain some junior employees.

JP Morgan Chase
JP Morgan wants employees back in the office but is willing to accommodate talent it especially wants to keep.
AFP/Getty Images

The move comes as the war for talent heats up and firms raise their game to keep talent.

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