Morgan Stanley fires staff for visiting strip club

NEW YORK - Morgan Stanley has fired four employees after they accompanied at least one client to a strip club.

The men - a stock-research analyst and three salesmen - worked in Morgan Stanley's institutional equities division. They were technology industry specialists who visited the strip club with one or more clients during a conference held by the firm in Phoenix, Arizona, in November, one source said.

Morgan Stanley said it did not comment on personnel matters as a matter of policy. The firings were first reported by the Wall Street Journal.

Wall Street firms have had to contend with a series of sexual discrimination suits in recent years, prompting companies to crack down on offensive behaviour in the workplace and make promotions and compensation plans more equitable for women.

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

The US Equal Employment Opportunity Commission brought the charges in 2001 on behalf of hundreds of women.

- REUTERS