Morgan Stanley brings back slavery in Budapest, 1.5K for M&A NY work
WSJ just dropped a pretty insane story on Morgan Stanley’s Budapest investment banking program.
Morgan Stanley built a junior investment banking analyst program in Budapest where analysts were allegedly doing same M&A work as New York and London, and allegedly, didn't even have a license to do the work, so Morgan Stanley did it illegally?
Except instead of London/NY pay, the first analysts were reportedly taking home around €1,500/month.
And instead of local Budapest hours, some analysts supporting New York were allegedly working from around 1pm to 7am Budapest time.
So basically:
Wall Street work.
New York hours (inverted schedule working overnight every day).
Budapest pay (doesn't even look competitive for Budapest prices...).
No analyst upside. No recognition.
Slavery is back.
https://www.wsj.com/finance/banking/morgan-stanleys-investment-banking-…
What punishment is implemented if they quit?
In what sense? If they quit the firm or a deal?
The firm. If they don’t like the hours and comp they can quit
You don't know what slavery is. This is just exploitation.
It’s not even exploitation. It’s the free market for labor and services at work. No one is being forced to do this.
But the article says Morgan Stanley changed the salary conditions after signature, so in theory that was not the deal they agreed to initially
You can be exploited without being forced to do something
Nobody in Budapest is running an M&A deal or doing remotely the same work as NY.
This sounds like graphics team or whatever GS had in SLC where it was a support function
Next Thread: GS is using slavery in SLC
GS used to have actual junior M&A bankers in SLC (not pres or data resources) at the end of Blankfein’s and beginning of Solomon’s leadership 2015-2019. They paid those kids trash too.
€1,500/month is a normal salary for entry level finance (incl. high finance) in Eastern Europe. For working hours, I'm assuming they don't expect you to be at the office, so ppl prolly move to like Portugal and work normal hours while chilling on the beach in the mornings. There's definitely upside and recognition, cause they get to put MS on their resume - there are probably not many better opportunities in Budapest to strengthen your CV.
Did you even read the article
I didn't - no wsj subscription. Only read the post.
stop tweaking unc
That is not a good salary for Investment Banking, plus by reading the article it seems like they had their salary reduced after signing the contract. To work 80-100 hours and apparently overnight, 1500€ is insulting, even for Eastern Europe. Have you been to Budapest? It ain’t cheap
I grew up in Eastern Europe and worked in a top Consulting shop (my clients were some of the largest companies in the world) after college in a more expensive city than Budapest for ~$1000/month, and my working hours were 80-100. My rent for 1bd apt was ~$900, so my family helped me buy groceries.
That experience helped me to get in a top school in US, and now I make $200k+ working less than 40h/week.
Ok I understand how shitty this is to some extent but slavery? Really? Is drama now mandatory curriculum in schools?
If you’re in eastern eu making that pm me and I’ll hire uou for 3k usd with better hours.
Okay this is rare. There doesn't seem to be any reference to Investment Banking in Budapest as per their website:
"The office is located on the Danube in the state-of-the-art Millennium City Centre. Our more than 2,300 employees provide essential support across a variety of services including Finance, Technology, Quant Solutions, Firm Risk Management, Business Control Unit, Internal Audit, Legal and Compliance, Inclusive Ventures Lab, Firmwide Marketing, Commercial Contract Management, and Global Sustainable Finance."
https://www.morganstanley.com/people/people-budapest
They also mention 6 divisions, and Investment Banking is not one of them: Technology, Finance (valuation, expense management, Controllers & wealth), Strats & Modelling, Risk Management, Financial Resources & Strategy and Internal Audit. Where is Investment Banking?
https://www.morganstanley.com/about-us/global-offices/budapest-division
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