Michael Brooks
Morgan Stanley is an American multinational investment bank and financial services company headquartered in New York City. The bank was founded by Henry Sturgis Morgan and Harold Stanley, neither of whom were Jewish. The current CEO, James P. Gorman, is reported to be an Ashkenazi Jew, while his predecessor, James P. Morgan, attended a Catholic boys school. This has sparked conversations about the representation of Jews in Wall Street corporations, with some claiming that the banking industry is dominated by Jewish people.
| Characteristics | Values |
|---|---|
| Founders | Henry Sturgis Morgan and Harold Stanley |
| CEO | James P. Gorman (Ashkenazi Jew) |
| Current form came into existence | 1997 (after the merger with Dean Witter Discover & Co.) |
| Headquarters | Midtown Manhattan, New York City |
| Number of countries with offices | 42 |
| Number of employees | 80,000+ |
| Ranking in the 2023 Fortune 500 list | 61 |
| Ranking in 2023 Forbes Global 2000 | 30 |
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What You'll Learn
Morgan Stanley's founders
The original Morgan Stanley was founded by J.P. Morgan & Co. partners Henry Sturgis Morgan (grandson of J.P. Morgan), Harold Stanley, and others on September 16, 1935. The company was formed in response to the Glass-Steagall Act, which required the splitting of American commercial and investment banking businesses.
Henry Sturgis Morgan was born on September 24, 1900, in Glen Cove, New York, and passed away on February 8, 1982, in Manhattan, New York. He attended the Groton School and graduated from Harvard University in 1923. Before founding Morgan Stanley, he worked at J.P. Morgan & Co., where he became a partner in 1927. He was also a director of the New York Life Insurance Company and the New York, New Haven, and Hartford Railroad Company. During World War II, he served as a lieutenant commander in the US Navy. After the war, he returned to J.P. Morgan & Co. and played a crucial role in the formation of Morgan Stanley.
Harold Stanley, the other founder of Morgan Stanley, was born on July 2, 1888, in Great Falls, Montana, and passed away on May 14, 1963, in New York City. He attended the University of California, Berkeley, and graduated from the University of Chicago in 1908. Stanley began his career at the Guaranty Trust Company in New York, where he worked from 1908 to 1917. He then joined J.P. Morgan & Co. in 1917 and became a partner in 1927. During World War I, he served as a captain in the US Army. After the war, he returned to J.P. Morgan & Co. and played a significant role in the establishment of Morgan Stanley.
The current Morgan Stanley is the result of a merger between the original Morgan Stanley and Dean Witter Discover & Co. in 1997. The merged firm was known as "Morgan Stanley Dean Witter Discover & Co." and later renamed "Morgan Stanley Dean Witter & Co." in 1998. Finally, in 2001, the firm changed its name back to "Morgan Stanley."
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The CEO's religion
The CEOs Religion
Morgan Stanley is an American multinational investment bank and financial services company. The original Morgan Stanley was formed by J.P. Morgan & Co. partners Henry Sturgis Morgan, a grandson of J.P. Morgan, Harold Stanley, and others. The current Morgan Stanley is the result of the merger of the original Morgan Stanley with Dean Witter Discover & Co. in 1997.
The current CEO of Morgan Stanley is James P. Gorman, an Ashkenazi Jew. Gorman attended a Catholic boys' school and is Australian. James P. Gorman is the President and Chief Executive Officer of Morgan Stanley.
It is important to note that Jews are primarily a racial/ethnic group, and individuals can practice any religion they choose. There are many Christian Jews in the world, and one can be ethnically Jewish and religiously Catholic.
The representation of Jews in the ranks of Wall Street corporations is disproportionate compared to their population in general. However, there is a shockingly small number of Jews in the top positions of the largest banks, either as founders or CEOs.
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Jewish people in finance
Jewish people have been associated with money lending for over a millennium. In the Middle Ages, European Jews were excluded from various guilds, confined to ghettos, and restricted from owning land. Medieval Christian theology also held that charging interest (known as usury) was a sin, so many Christians avoided becoming financiers. As a result, money lending became an occupation dominated by Jews.
The historian Howard Sachar estimated that in the 18th century, up to three-fourths of Jews in Central and Western Europe worked in money lending, retail peddling, or "street banking". The stereotype of Jews being good with money is one of the oldest and most pervasive Jewish stereotypes, and it continues to shape perceptions of Jews today. For example, in China, books revealing the "secrets" of Jewish financial success have become best-sellers.
While it is true that Jews have long been well-represented in finance and business, the idea that Jews control the world economy or banking system is a myth. For example, a Reddit post debunks the claim that "Jews control the banks" by pointing out that few of the top 10 largest banks in the US were founded or are led by Jewish people. Morgan Stanley, for instance, was founded by Henry Sturgis Morgan and Harold Stanley, neither of whom are Jewish. The current CEO, James P. Morgan, attended a Catholic boys school.
Nevertheless, Jewish immigrants have played a significant role in shaping modern finance, particularly in the United States. One notable example is Jacob Schiff, a German-born Jew who immigrated to the US after the Civil War. Before turning 20, he had co-founded a brokerage and later married into the Kuhn Loeb banking dynasty. For nearly 50 years, Schiff headed Kuhn Loeb, which would eventually merge with Lehman Brothers. Schiff helped channel millions, if not billions, of European investment capital into American industries, especially the railroads. He also played a vital role in transforming the United States from an emerging market into an economic superpower.
Other notable Jewish-American businesspeople in finance include Michael Bloomberg, co-founder of Bloomberg; Ivan Boesky, founder of Ivan F. Boesky & Company; Bill Browder, co-founder of Hermitage Capital Management; and Jeffrey Epstein, founder of Intercontinental Assets Group and J. Epstein Co.
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Catholic people in finance
There are several Catholic people in the finance industry, and Catholic finance is a type of ethical finance that follows Christian ethics. In the modern era, Catholic clerical finance is conducted through the Vatican Bank (IOR), and many Catholic lay financial players also exist.
Catholic finance is characterized by three dimensions: personal (actors), operational (operations), and dogmatic (principles). The prohibition of usury and the Catholic Church's distrust of exchange activities have historically been key factors in Catholic finance. Today, Catholic banks aim to supervise banking operations and financial activities with moral principles. For example, Liga Bank offers credit cards with commissions donated to charities supporting children.
In addition to Catholic financial institutions, there are also Catholic individuals in the finance industry who use their financial power as a "tool, test, and testament" to Jesus Christ. Professor Eddy Moss of The Catholic University of America's Busch School of Business teaches a course on how Catholics can use their wealth to glorify God and make intentional forces for good with their financial decisions.
Catholic values can also be beneficial in the business world. A financial services speaker, Joe Jordan, has presented to over 400,000 financial services professionals in 28 countries and written the award-winning book, "Living a Life of Significance." He emphasizes that solving customer problems is key to success, and that morality plus free markets leads to worldly success.
Furthermore, Catholic values can help financial services professionals find meaning in their work. Adam Grant, a psychologist and professor at the Wharton School of the University of Pennsylvania, found that those who consistently find meaning in their jobs see their work as helping others.
While Morgan Stanley is not specifically a Catholic or Jewish institution, its CEO, James P. Morgan, attended a Catholic boys school. The company is an American multinational investment bank and financial services company headquartered in New York City, with offices in 42 countries and over 80,000 employees.
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The company's history
Morgan Stanley is an American multinational investment bank and financial services company headquartered in Midtown Manhattan, New York City. It was formed on September 16, 1935, by J.P. Morgan & Co. partners Henry Sturgis Morgan, Harold Stanley, and others. The company was formed in response to the Glass-Steagall Act, which required the splitting of American commercial and investment banking businesses. In its first year, the company operated with a 24% market share ($1.1 billion) in public offerings and private placements.
During its early years, Morgan Stanley co-managed the World Bank's triple-A-rated bonds offering of 1952, as well as General Motors' $300 million debt issue, IBM's $231 million stock offering, and AT&T's $250 million debt offering. The company also credits itself with creating the first viable computer model for financial analysis in 1962. In 1967, Morgan Stanley established Morgan & Cie, International in Paris to enter the European securities market. The firm also acquired Brooks, Harvey & Co., Inc. in 1967 and established a presence in the real estate business.
In 1996, Morgan Stanley acquired Van Kampen American Capital. On February 5, 1997, the company merged with Dean Witter Discover & Co., the spun-off financial services business of Sears Roebuck. The merged entity was named "Morgan Stanley Dean Witter Discover & Co.", with Dean Witter's chairman and CEO, Philip J. Purcell, taking on the same roles in the new firm. In 1998, the name was changed to "Morgan Stanley Dean Witter & Co." to avoid tension between the two predecessor companies. In 1999, the merged firm expanded its operations overseas by setting up a joint venture in India with local partner JM Financial.
In 2001, the firm changed its name back to "Morgan Stanley" for unrevealed reasons. On October 19, 2009, Morgan Stanley announced that it would sell Van Kampen to Invesco for $1.5 billion. The company has continued to grow and expand its business, ranking 61st in the 2023 Fortune 500 list of the largest US corporations by total revenue.
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Frequently asked questions
No, Morgan Stanley was founded by Henry Sturgis Morgan and Harold Stanley, neither of whom were Jewish.
Yes, James P. Gorman, the President and Chief Executive Officer, and Ruth Porat, the Executive Vice President and Chief Financial Officer, are both Jewish.
While Morgan Stanley is not explicitly religious, it has previously launched faith-based initiatives. In 2015, it unveiled a tool to help clients select investments in line with the Catholic Church's guidelines. More recently, it launched a "Jewish Values Tool Kit" to help clients invest and donate in ways that align with their Jewish values.
