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The Zone and Morgan Stanley are partnering to ensure member athletes can obtain total wellness. Founded by two former student-athletes, Ivan T chatchouwo and Erik Poldroo, The Zone was birthed to create a home for athletes to seek support for their mental health as they would for other areas of concern such as physical injury or academic conflicts. The founders recognize finances are a leading source of stress and constraints can permeate into other areas of productivity and performance. “Evidence highlights that stress related to personal finance overwhelmingly yields poor individual results, directly tied to how one feels and ultimately how one produces and performs in a given area – whether in sports, the classroom or in the workplace,“ Ivan T chatchouwo told AfroTech. He continued: “As a former student-athlete myself, along with Erik, and in speaking to several other fellow current or former student-athletes, we could all relate at some point or another to feeling some form of...
On average, Black workers are already earning $12,000 less than the median wage in the U.S. , and there are so many other barriers in their way in regards to diversity, opportunity and stability in the workplace. Jesse Walton, SVP of the Walton Group and a certified private wealth advisor at Morgan Stanley, has been fighting institutional inequities for over two decades. Walton is extremely passionate about helping position his clients to create generational wealth and those building blocks start with financial literacy, long-term investing and saving, he says. “The biggest opportunity this country gives you is freedom and the fact that you can participate in the corporate structure,” Walton told AfroTech. “You can grow your wealth if you save and participate in the growth of this economy and you do that through stock ownership.” Here’s more of Walton’s thoughts on the racial wealth gap , how the Black community can close it, and more. Editorial Note: This piece has been edited for...
As part of Women’s History Month, we’re highlighting some of the most powerful Black women who you may not have heard of. To that end, we sat down with Sandra Richards, Head of Global Sports, Entertainment, and Segment Sales at Morgan Stanley. Background Born and raised in Long Island, NY to Jamaican parents, Richards went on to earn both undergraduate and graduate degrees from Seton Hall University. She had initially planned to attend law school but ended up pursuing several opportunities outside the legal industry. “I had an opportunity to work at the Jackie Robinson Foundation. And I worked there for five years before coming to Morgan Stanley. When I joined Morgan Stanley, I joined their wealth management space with our Wealth Management Studies in the diversity and inclusion area for our global wealth managers space,” Richards said. “Now, I run our global Sports and Entertainment Group as of 2018,” she added. Why She Loves Her Role “I think the most rewarding part is certainly...
Morgan Stanley has announced a new extension of its long-standing commitment to diversity and inclusion with its new initiative aimed at HBCUs. The leading global financial services firm has launched the Morgan Stanley HBCU Scholars program, an integrated program designed to strategically eliminate financial barriers for HBCU students seeking higher education at Howard University, Spelman College, and Morehouse College over the next four years. Today, we announced the Morgan Stanley HBCU Scholars program, to provide full four-year scholarships and living expenses for 60 students at 3 top historically Black colleges and universities: @HowardU @SpelmanCollege and @Morehouse . Find out more: https://t.co/BTbOVjj6yo pic.twitter.com/Hf0XbgXgaF — Morgan Stanley (@MorganStanley) October 21, 2020 The Morgan Stanley HBCU Scholars program wants to increase students’ financial independence with academic and need-based scholarships that will cover the entire cost of tuition and living expenses...
Marilyn Booker was a 26-year veteran of New York-based bank Morgan Stanley , where she spent most of her time as the firm’s first global diversity chief. In December of last year, she was fired for pushing senior executives to make more opportunities for Black employees at the company, according to The New York Times . Now, she’s suing the company for racial discrimination and retaliation. According to a human resources representative at the bank, Booker was informed that her position had been eliminated and that there would be no opportunity for her to transfer to another division inside the bank, the Times reports . A note was then sent out on her behalf, unbeknownst to her, saying she “decided to leave the firm and pursue other opportunities.” Up until the very last day of her 26-year career at the bank, Booker was still going to bat for the few Black employees at the company. As a result of her termination, Booker has filed a formal lawsuit against her former employer. According...
Morgan Stanley recently released a study called “ The Trillion-Dollar Blindspot” showing that trillions of dollars are left on the table by venture capital (VC) firms who won’t invest in women and minority founders. “I think it’s important that people start to think to themselves that we could be in fact cheating our LPs if we don’t give ourselves full access to all of the opportunities that are out there,” Carla Harris, vice chairman at Morgan Stanley told Bloomberg’s Alix Steel on “Bloomberg Daybreak: Americas.” The report shows that only 17 percent and 18 percent of investors say they “very frequently” review startups and businesses led by women and minorities, respectively. “When VCs are thinking about investing they say ‘no’ in most cases to women and multicultural entrepreneurs is because the product or the process or the opportunity doesn’t fit,” Harris said. The study reports 46 percent of investors said traditional business sectors were a compelling factor when assessing a...
Across industries, a lack of funding for women or minority-led startups seems to be a common problem. For example, Project Diane found that Black women founders in tech are consistently underfunded. Investment bank Morgan Stanley aims to combat funding inequity through its Multicultural Innovation Lab. The accelerator program is designed to help women and minority-led companies in the post-seed to Series B funding rounds. On Monday, Morgan Stanley announced the ten startups selected as apart of the Multicultural Innovation Lab’s third cohort. Some of the startups selected include LookLive, SmartGurlz , and Jenzy. It’s a big deal for businesses to be selected, because they receive access to a list of Morgan Stanley resources and networks. Morgan Stanley also invests into each cohort member. In a press release, Co-Head of the Multicultural Innovation Lab Alice Vilma said: “There is a compelling business case for investing in startups led by women and multicultural founders, yet, as...