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Morgan Stanley fires four after strip club visit

Morgan Stanley fired four employees in recent weeks after they accompanied at least one client to a strip club, people familiar with the matter said on Thursday.
/ Source: Reuters

Morgan Stanley fired four employees in recent weeks after they accompanied at least one client to a strip club, people familiar with the matter said on Thursday.

The four — a stock-research analyst and three salesmen, all men — worked in Morgan Stanley’s institutional-equities division. They 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, one of the sources said.

Morgan Stanley said it declines to 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 firms to crack down on offensive behavior in the workplace and make promotions and compensation plans more equitable for women.

In July 2004, Morgan Stanley paid $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 behavior.

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

Morgan Stanley denied wrongdoing as part of that settlement.