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Upset at Morgan Stanley over changes to meal policy

Morgan Stanley is amending its policy on employees' spending on meals when they're working overtime.

According to a memo seen by eFinancialCareers, junior bankers at the firm will still be able to expense their meals when they work late - but they'll have a reduced number of providers.  They will also no longer be able to expense meals when they're working from home.

Bankers at Morgan Stanley are entitled to £20 ($27) per meal when they work in the office between 7pm and 11pm, and to a similar amount when they work weekends, with up to two meals on offer during an eight-hour day (to be ordered between 10am and 4pm or 4pm to 11pm.)

As of this week, however, bankers cannot expense meals when they work from home. They must also order food the Uber Eats app, where previously they were also able to order through Deliveroo.

Although most Morgan Stanley bankers are now back in the bank's offices globally, the move is seen as the end of any aspirations to work from home, even on a flexible basis or at weekends. Juniors also claim that Uber Eats offers less choice than Deliveroo and that deliveries take longer.

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Morgan Stanley declined to comment on the change, which is understood to be simply in line with most governments' guidance on the return to the office. The changes appear to apply globally.

Morgan Stanley CEO James Gorman has long been a proponent for getting bankers back into the office. Last week, Christopher O'Dea, a Morgan Stanley managing director based in San Francisco reportedly told colleagues on a call that: “If you’re 21 to 35, you are nuts not to be in the office all the time."

Although junior bankers are paid well, changes to meal allowances can be a source of controversy. Goldman Sachs' failure to extend Seamless meal allowances to juniors who were working from home at the start of pandemic was reportedly a major source of disgruntlement. Sources say Morgan Stanley pays all its bankers a set rate for overtime meals, irrespective of seniority.

Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

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Photo by Food Photographer David Fedulov on Unsplash

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AUTHORSarah Butcher Global Editor
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  • Bi
    Bill
    27 November 2021

    Just how petty can some people get is well beyond belief. Example those working from home have a lot of great benefits, one: there's no commute traffic thus saving transportation costs and time and you're commute is nonexistent, you can work in your leisure clothes or underwear and you can take frequent breaks to stretch or get a breath of fresh air or a bite to eat (things you more often than not can't do on a whim in the office) and now these folks are kvetching they want the company to pay for their groceries. Wow, I thought i 'd heard of everything but evidently not. I've never had my employer pay for my food and if they do I never heard of this 'employee benefit' but if i did, I'd have taken advantage of it considering the cost of food (which everyone needs) and has the habit of getting more and more expensive. Isn't it about time people appreciate they are employed and not among the millions out of work and struggling to find a decent job and if and when they find something, they're often offered BUPKUS and chump change.

  • Ed
    Ed
    25 November 2021

    Does anyone have any further insight about the big racial harassment lawsuit MS is facing in Japan?
    https://www.bengo4.com/c_5/...
    All in Japanese but use google translate if you need.

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