Morgan Stanley to follow Goldman's performance review lead

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Morgan Stanley bankers will be getting something new in their next performance review: adjectives.

Bloomberg News reports that instead of the 1-to-5 scale the investment bank has long used for ratings, supervisors will be asked to pick words that describe each employee, according to a person with knowledge of the matter, who asked not to be identified discussing company policies. The changes follow a similar switch at Goldman Sachs, which told bankers last month that it was scrapping a system that scored employees on a nine-point scale in favour of one more focused on strengths and weaknesses.

Wall Street banks, in a bid to attract and retain younger employees, have been trying to lose their reputation as a place for high-paying but thankless jobs by making changes like requiring analysts to take some weekends off. UBS will now let bankers take two hours per week for personal matters, Reuters reported Wednesday.

To access the complete Bloomberg News article hit the link below:

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