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Morgan Stanley Farewell Address Includes Primer On Firm's History That'd Make JP Proud

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From: [redacted]
To: Morgan Stanley employees

It is with a heavy heart with which I must notify you of my decision to leave Morgan Stanley today. I consider it to be a distinct honor to have worked with you all at this firm. In 1935, two years after the passage of Glass Steagall, a group of bankers took a substantial risk, leaving J.P. Morgan with $340 million in capitalization to start Morgan Stanley with a mere $7.5 million in order to build it into the stellar institution it is today.

"The banker must at all times conduct himself so as to justify the confidence of his clients in him and thus preserve it for his successors... I should state that at all times the idea of doing only first class business, and that in a first class way, has been before our minds" -J.P. Morgan jr., May 23, 1933.

You all truly embody those words and I thank you for allowing me to share in the experience.

I will forever be proud of my time spent here working with you. This is absolutely a special place that I will always hold dear.


Is Morgan Stanley's Next Firm-Wide Holiday Party Going To Be Held In A Starbucks Bathroom?

Sort of a trick question since, as you all know, banks haven't held firm-wide holiday parties in quite some time but if they did, is that what we could expect? Based on recent reports about a new approach James Gorman is taking with the staff, yes.