AnnaMaria Andriotis

What was interesting in all of this reporting was hearing the different type of tensions among white executives, white employees, as well as black employees and executives. We're talking about settlements. We're talking about lawsuits being filed.

What was interesting in all of this reporting was hearing the different type of tensions among white executives, white employees, as well as black employees and executives. We're talking about settlements. We're talking about lawsuits being filed.

The efforts were initially received in a very positive way, in particular by Black and other minority employees at Morgan Stanley. That initial optimism started to change as time went on. So, for example, I There was one initiative that the company publicized that was focused initially on Black recruits, the first group being hired in 2021.

The efforts were initially received in a very positive way, in particular by Black and other minority employees at Morgan Stanley. That initial optimism started to change as time went on. So, for example, I There was one initiative that the company publicized that was focused initially on Black recruits, the first group being hired in 2021.

And by early 2022, when bonuses were being distributed, Black employees in this program realized that their bonuses were substantially lower than the bonuses of other associates in similar or identical positions to them who were not in the program.

And by early 2022, when bonuses were being distributed, Black employees in this program realized that their bonuses were substantially lower than the bonuses of other associates in similar or identical positions to them who were not in the program.

That played out the following year in early 2023, at which point the Black recruits from this program really started to voice their concerns even more than they already had been. That resulted in an internal review, and the end outcome of that in the spring of 2023 was that their salaries were increased.

That played out the following year in early 2023, at which point the Black recruits from this program really started to voice their concerns even more than they already had been. That resulted in an internal review, and the end outcome of that in the spring of 2023 was that their salaries were increased.

Now, as all of this is playing out, there's a lot of tension bubbling up from white employees who who are viewing the increased diversity efforts that were rolled out by the bank as what they've described and has been described in one lawsuit filed by a former white executive as reverse discrimination.

Now, as all of this is playing out, there's a lot of tension bubbling up from white employees who who are viewing the increased diversity efforts that were rolled out by the bank as what they've described and has been described in one lawsuit filed by a former white executive as reverse discrimination.

The bank disputes that its policies have created divisiveness or tensions. It's pointed to company-wide surveys in which most employees gave the bank high scores on its commitment to diversity and inclusiveness. The firm has some 80,000 employees around the world, and Morgan Stanley said that there will always be outliers.

The bank disputes that its policies have created divisiveness or tensions. It's pointed to company-wide surveys in which most employees gave the bank high scores on its commitment to diversity and inclusiveness. The firm has some 80,000 employees around the world, and Morgan Stanley said that there will always be outliers.

But the vast majority of its employees of all backgrounds agree that Morgan Stanley is a great place to work.

But the vast majority of its employees of all backgrounds agree that Morgan Stanley is a great place to work.

The bank has been making a number of changes to its diversity initiatives. Also notable this year, Morgan Stanley's annual report says that its talent development is based on meritocracy. This was new language that previously had said a lot about diversity efforts. The addition of talent development being based on, quote, meritocracy was a new one this time around.

The bank has been making a number of changes to its diversity initiatives. Also notable this year, Morgan Stanley's annual report says that its talent development is based on meritocracy. This was new language that previously had said a lot about diversity efforts. The addition of talent development being based on, quote, meritocracy was a new one this time around.

Thank you.

Thank you.

Everything really comes down to Trump's feelings. So as you're looking for a pathway to better trade terms and lower tariffs, you might want to consider addressing these issues that both Trump and Musk have publicly basically blasted.

Everything really comes down to Trump's feelings. So as you're looking for a pathway to better trade terms and lower tariffs, you might want to consider addressing these issues that both Trump and Musk have publicly basically blasted.

A number of countries are speaking with various large U.S. banks that are viewed as having connectivity to the Trump administration. These talks in general are spread out across a number of banks. Goldman has for a very long time been known for its connections to U.S. government administrations, regardless of whether it's a Democrat or Republican who is in the White House.

A number of countries are speaking with various large U.S. banks that are viewed as having connectivity to the Trump administration. These talks in general are spread out across a number of banks. Goldman has for a very long time been known for its connections to U.S. government administrations, regardless of whether it's a Democrat or Republican who is in the White House.

And this time around, the same thing is at play. Countries are seeking advice. This is definitely a tumultuous time for a number of countries, whether large or small, as they try to figure out this new world order that's being put in place under the Trump administration. What is Goldman telling them to do?

And this time around, the same thing is at play. Countries are seeking advice. This is definitely a tumultuous time for a number of countries, whether large or small, as they try to figure out this new world order that's being put in place under the Trump administration. What is Goldman telling them to do?

So right now, of course, for the last few weeks, the topic has been on trade and tariffs and countries seeking advice on how to handle what's coming with tariffs during this 90-day pause.

So right now, of course, for the last few weeks, the topic has been on trade and tariffs and countries seeking advice on how to handle what's coming with tariffs during this 90-day pause.

So one of the things that I thought was most interesting here is that the discussions involve addressing certain issues both domestically as well as even their international relations with certain countries domestically. as a pathway to getting lower tariffs.

So one of the things that I thought was most interesting here is that the discussions involve addressing certain issues both domestically as well as even their international relations with certain countries domestically. as a pathway to getting lower tariffs.

And so starting from at least late February until this month, there have been discussions between Goldman executives and South African government officials in which, as the South African government officials have been asking about

And so starting from at least late February until this month, there have been discussions between Goldman executives and South African government officials in which, as the South African government officials have been asking about

trade and improving relations with the U.S., one piece of advice that Goldman has given, including to South Africa's president, has been to consider changing a law that requires black ownership of some companies in South Africa and changing another law that allows the government to seize property from landowners to address racial disparities.

trade and improving relations with the U.S., one piece of advice that Goldman has given, including to South Africa's president, has been to consider changing a law that requires black ownership of some companies in South Africa and changing another law that allows the government to seize property from landowners to address racial disparities.

Now, one would say, what does any of this have to do with tariffs? Well, the fact is these issues have drawn the ire of Elon Musk, a South African native and very prominent in the Trump administration. He has described the land seizure law as, quote, racist. Trump himself described it as a, quote, human rights violation.

Now, one would say, what does any of this have to do with tariffs? Well, the fact is these issues have drawn the ire of Elon Musk, a South African native and very prominent in the Trump administration. He has described the land seizure law as, quote, racist. Trump himself described it as a, quote, human rights violation.

There was an executive order that Trump put out against South Africa about this particular law. And so the bottom line advice from Goldman to South African officials is, is, look, no, everything really comes down to Trump's feelings.

There was an executive order that Trump put out against South Africa about this particular law. And so the bottom line advice from Goldman to South African officials is, is, look, no, everything really comes down to Trump's feelings.

So as you're looking for a pathway to better trade terms and lower tariffs, you might want to consider addressing these issues that both Trump and Musk have publicly basically blasted.

So as you're looking for a pathway to better trade terms and lower tariffs, you might want to consider addressing these issues that both Trump and Musk have publicly basically blasted.

We reached out to spokesman for South Africa's president who provided us with a comment that Goldman's recommendations, quote, would not have found favor with the government, which has committed itself to transformation that seeks to address the past imbalances of apartheid. It really does appear that at this moment, Countries, whether it's South Africa or Japan, are largely in listening mode.

We reached out to spokesman for South Africa's president who provided us with a comment that Goldman's recommendations, quote, would not have found favor with the government, which has committed itself to transformation that seeks to address the past imbalances of apartheid. It really does appear that at this moment, Countries, whether it's South Africa or Japan, are largely in listening mode.

Banks, including Goldman, are one type of party that they're seeking some guidance from. But they're basically trying to figure out, is there something to do that would maybe lower tariffs and that these individual countries would feel comfortable making these changes?

Banks, including Goldman, are one type of party that they're seeking some guidance from. But they're basically trying to figure out, is there something to do that would maybe lower tariffs and that these individual countries would feel comfortable making these changes?