Most Morgan Stanley interns in Europe and the U.S. want to work flexibly, even as the firm’s chief executive officer lauds the merits of the office.
A Morgan Stanley survey found that 72% of the firm’s 120 interns in Europe favor flexible working when they enter the workforce full time, while 66% of their 341 counterparts in North America want to.
While CEO James Gorman said in July the bank “would be flexible where flexibility was called for,” he has joined other Wall Street executives in making it clear that he expects his workforce to return — at least, largely — to the office, assuming it is safe to do so.
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“If you want to get paid New York rates, you work in New York, none of this ‘I’m in Colorado, working in New York and getting paid like I’m sitting in New York City’,” Gorman said at an investor conference in June. “Sorry, that doesn’t work.”
The findings underline the challenges firms face in navigating employee expectations with business needs. For its part, Morgan Stanley has taken a more cautious approach than some of its peers. Staff must be vaccinated to enter its New York offices and the bank is refraining from setting an official deadline to return to the workplace.
The survey also found that future bankers are keen on electric vehicles, with 33% of interns naming Tesla Inc. as the most desirable car. They also see a bright future for driverless vehicles, with 33% seeing autonomous cars as a viable public transport option within five years.
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Among investing trends, 53% of the interns use robo-investing platforms such as Nutmeg and Wealthify, while 33% use platforms that offer more guidance such as Hargreaves Lansdown Plc or AJ Bell Plc.
Cryptocurrencies are also a popular option. While only 21% of interns hold cryptocurrencies, 39% are interested in buying. Bitcoin is the preferred currency with 69% of interns involved in crypto holding it, while 58% hold Ethereum.
--With assistance from Lisa Pham.
