Morgan Stanley Puts Ethics to the Test
News that Morgan Stanley has fired four employees - and withheld their bonuses - for attending a strip club suggests the days of Wall Street bankers living fast and loose are over.
The Wall Street Journal reports that Morgan Stanley gave the four notice after they visited the club with clients during a free period at a Morgan Stanley technology conference in Phoenix last November.
Should strip joints be off-limits to bankers at all times? Jeff Salters, a director at the International Business Ethics Institute, says companies should avoid conducting business at adult entertainment venues but they need to respect the rights of employees: "What employees do in their own time is their own business."
Morgan Stanley is trying to clean up its act after paying $54m in 2004 to settle a gender discrimination claim, part of which hinged on claims that female employees had been excluded from similar outings.
Did the bank go too far or did it show the right zero-tolerance attitude? Let us know what you think.
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