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Morgan Stanley fires 4 after club visit

Morgan Stanley has fired four employees after they accompanied at least one client to an adult-entertainment club.

business Updated: Jan 05, 2006 13:40 IST
Reuters
Reuters
PTI

Morgan Stanley has fired four employees, including a stock analyst, after they accompanied at least one client to an adult-entertainment club, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The newspaper said the stock-research analyst and three sales staffers worked in Morgan Stanley's institutional-stock division. All four were men, the Wall Street Journal reported.

Citing people familiar with the matter, the newspaper said the workers were technology-industry specialists who visited a strip club with one or more clients during a conference held by the firm in Phoenix, Arizona, in November.

A spokesman for Morgan Stanley could not immediately be reached for comment.

Morgan Stanley paid $54 million to settle charges in July 2004 that it denied women pay rises and promotions, paid them less than men, excluded them from company events, and subjected them to lewd behavior.

The US Equal Employment Opportunity Commission EEOC brought the charges in 2001 on behalf of hundreds of women, accusing it of engaging in a pattern of sex discrimination since 1995.

Morgan Stanley denied wrongdoing as part of that settlement.

First Published: Jan 05, 2006 13:40 IST