Morning Coffee: Morgan Stanley’s bumper class of managing directors. Goldman Sachs’ complaintive ex-analyst

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Morning Coffee: Morgan Stanley’s bumper class of managing directors. Goldman Sachs’ complaintive ex-analyst

Is it a good sign when an investment bank announces a huge class of managing directors (MDs)? Yes, if you're one of the lucky minority who gets the big new title and the big new salary that goes with it. Not necessarily if you're one of the remaining employees: an unusually large class of new MDs can be a sign that banks are trying to appease senior people over a much reduced bonus pool. 

At Morgan Stanley, all is becoming clear. The U.S. bank announced its bonuses last week, but it also promoted 171 people to MD - more than at any time for the past five years. Last year, just 130 people made MD at Morgan Stanley. In 2019, it was 145. In 2018, it was 153. In 2017, 140. In 2016, 156. This year is truly an aberration. Early reports are that bonuses aren't bad despite the unusually large crop of MDs, but this may change. 

We've posted the full list of Morgan Stanley's 2020/2021 MDs at the bottom of this page. They're a reasonably diverse group, which may also account for their size: 35% are women; just 6% are black, 16% are Asian. A substantial chunk (30%) come from 'infrastructure'. An even more substantial chunk (48%) come from the institutional securities unit, which houses the investment bank. 

We've already highlighted the presence of Dr. Amrit Sharma, the head of Morgan Stanley's quant modelling and pricing automation strat group on the list below. Other names you might want to take note of include: David Massingham, a New York-based MD who runs automated trading strategies for corporate and emerging market credit and Robert DiTrapano, the global head of electronic FX trading.

Around one year after clearing out swathes of its senior technologists, Morgan Stanley also seems to have made plenty of technology promotions. - This year's MD class includes Nikhil Awasthi, the man charged with the technology monitoring Morgan Stanley's trades, who was hired from Goldman in 2017.  There's also Junrong She, who deals with fixed income trading technology for the bank in Hong Kong; Richard Viana, global head of enterprise systems management and Jasper Graham, the global 'threat hunt lead' based in Baltimore. 

While Morgan Stanley submits to scrutiny of its managing director list, Goldman Sachs is being agitated by a former intern and analyst. Emerlene, a Wellesley graduate, who interned with Goldman Sachs in New York in 2016 and who subsequently worked for Goldman Sachs in Hong Kong has made a selection of YouTube videos about her terrible experiences there. Goldman isn't commenting on them, and Emerlene left the firm years ago, but her claims that the hyper-competitive internship was 'traumatic', that she was in the office from 5.40am until 9.30pm, that everyone gained weight from the stress, and that a cutthroat selection process meant interns had to compete even to gain assignments to work on, might dissuade some people from going for Goldman internships like they're the Holy Grail. Similarly, Emerlene's claims that working for Goldman Sachs in Hong Kong involved completing huge volumes of urgent work alongside uninteresting people only motivated by money, might not inspire anyone to accept a Goldman job even if it's offered.

Emerlene's videos are prefaced by a disclaimer emphasizing that these were her experiences and that other people might have a much better time. Bankers commenting on the Wall Street Oasis forum aren't entirely sympathetic. "She spends half the time complaining about working hard ("I came into the office... and this still hurts me to this day... at 5:40am... before the sun came up..."). She also rails against capitalism / rich people and the money-obsession for a little while, but then accepts a return offer (despite such a "traumatic internship") primarily because they're giving her $10k to move offices?", notes one....

Meanwhile...

Ex-Goldman Sachs CEO Lloyd Blankfein called the commodities boom in September. (Bloomberg) 

Tighter European rules on outsourcing functions like stock-picking for asset managers could mean that buy-side roles move out of London post-Brexit too. (Bloomberg) 

Goldman Sachs is thinking of exploring the custody of digital assets. (Coindesk) 

Unicredit asked Tidjame Thiam to be CEO. He said he was flattered but that he has other commitments. (Bloomberg) 

Incoming head of the SEC and former Goldman partner Gary Gensler is a born again regulator. “Knowing what we know now, those of us who served in the 1990s should have done more [to protect] the derivatives market,” he said in 2012.  “Gary can’t be intimidated, and he’s usually smarter than you are,” says a former colleague. (Financial Times)  

Jeff Housenbold, managing partner of SoftBank's Vision Fund, is leaving. (Bloomberg) 

These are David Solomon's new top tracks. (Spotify)

Inside Pinduoduo, the Chinese tech firm where a junior collapsed after working long hours, employees are discouraged from socializing and are monitored during their working hours and their breaks. (WSJ)

Morgan Stanley's 2020/2021 MD list:

Derrick Cao

Henrique Carneiro

Janemarie Eichhorn

Matthew Greyson

Sergey Ionov

Ben Kussin

Naml H. Lewis

Allison Lucchese

Lakshman Misra

Fernando Navarro

Amrit Sharma

Michael Sweeting

Laura Tan

Sara Vicente

Andrew Vick

Venus Wong

Hugo Wood

Paulo Monteiro

Thomas Allen

Jay Bacow

Stephan Kessler

Eden Kdiner

Lillian Lou

Angelin Baskaran

Lindsay Bofman

Nicholas Brice

River Chien

Saba Danish

Robert DiTrapano

Steven Doviak

Brendan Fogarty

Saju Georgekutty

Hemant Gupta

Roland Jeurissen

Guilherme Marques

David Massingham

John McGrath

Tobi Punga

Netty Tsai

Sander van Zijl

Michael Vasseghi

Jennifer Wootton

Ali Yazdi

Natasha Bushueva

Ayokulehin Onabule

Toks Afolabi-Ajayi

Lavanya Balakrishnan

Ren Chen

Zlati Christov

Mike Connor

Justin G. Craig

Mark Dimilia

Sid Garg

Melissa Woodgate Godoy

Christine L. Ha

Richard Hersey

Chase Krieger

Jean-Baptiste Lalau Keraly

Song Yang Lee

Sungnyung Lee

Laura Isabel Lembke

Roseanne McCormick

Allen Merrill

Xavier Nieto

Graham Nix

Lida Ren

Jason Russell

Holger Schmidt

Robert Schroeder

Matt Strom

Jonathan Wallace

Adam Waltz

Sofia Xue

Robin Liang Zhao

Oskar Arnoldsson

Matteo Benedetto

Kelly Chin

Kalli Dircks

Diana Doyle

Javier Esteve

Cody Gunsch

Julie Lilienfeld

Krystal Barker Buissereth

Laurence Bortner

Jodyann Carlucci

David Cohodes

Julia Geltser

Kerry Karangelen

Jennifer Baker Khan

Scott Kravitz

Carmen Lai

Michele Mattison

Matthew McAndrew

Rosina Palopoli

Lily Trager

Martin Vergara

Jennifer Westpfahl

Iain Wilson

Jeremy Wright

Corey Kozak

Zainab Memon

Joe Miller

Donna Prummell

Lee Vaughn      

Michael Daly

Victoria Eckstein

Megan Goett

Vishal Gupta

Katie Herr

Yeyin Jiang

Navindu Katugampola

Ken Michlitsch

Christoph Oppenauer

Vikram Raju

Arjun Saigal

Yoshi Takatsuki

Sahil Tandon

Frederik Wijsenbeek

Bennett A. Weaver

Jim Burns

Carmella Lubrano

Mollie G. Mononia

Raju Alluri

Nikhil Awasthi

Monica Cirillo                                  

Aleksandar Hadzic

Stuart Levison

Janet McCarthy                                 

Vineet Pande                                   

Vasu Sami                                      

Junrong Shen

Claudia Celeste Tropp

Richard Viana

Sean Yang

Sharon Cannon                

Prashanth Challa                               

Jasper Graham                          

Mike Levine

Jackie James

Julie Leigh

Carla Noriega

Michael Fazelpoor

Elisabeth Fedyna

Ben Nunez

Daniel Otmar

Kanna Ravikulachandran

Lauren Veisz

Matt Brandt

Kristi Dugan

Sam Lalanne

Jo Harriman

Ashraf Y. Mussa

Andrew Nash

Anna Pacewicz Hill

Mustufa Salehbhai

Joshua Birbach

William Givens

Rachel Wen-Ching Tsai

Alita Wingfield

Nicholas Albicelli

Dmitriy Barskiy

William C. Jones

Oneg Lamed

Lisa Lidsky

Morgan McCready

Matthew Meyers

Argie Agrapides

Manisha D'Souza

Jena Hwang

Celine M. Suarez

Photo by Jordon Conner on Unsplash

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