MD: Morgan Stanley to Expand Operations in Baltimore City, Plans to Create 800 New Jobs
28 Nov, 2016
Morgan Stanley & Co. LLC, a leading global financial services firm, is expanding its operations in Baltimore City and plans to create as many as 800 additional jobs over the next four years. The company currently has approximately 1,000 employees at offices on Thames Street at Harbor Point, and plans to create the new jobs at that location and a new location at 100 South Charles Street. With more than 250,000 square feet of space between the two locations, Morgan Stanley’s Baltimore offices will contain a wide variety of roles across multiple divisions.
“Morgan Stanley has established a strong footprint in Baltimore over the past decade, successfully expanding our local operations in partnership with the city,” said Sheila Welch, managing director, head of global workforce strategy at Morgan Stanley. “The firm is pleased to move forward with this new strategic initiative and continue growing our presence in the area.”
Founded in 1935, Morgan Stanley has become one of the world’s leading financial firms. Headquartered in New York, the company has more than 55,000 employees in 43 countries, spanning six continents. Morgan Stanley provides a variety of services including investment banking and wealth management to corporations, governments, institutions, and individuals worldwide.
“It is a tremendous win for the state and for Baltimore City that a global company like Morgan Stanley is continuing to grow its business here in Maryland,” said Governor Larry Hogan. “This expansion and the many new jobs being created underscores the promise we made to make our state more competitive and business-friendly, while creating new opportunities for all Marylanders.”
"Morgan Stanley moved to Harbor Point in 2010 and made it clear that Baltimore City was an important part of its future,” said Mayor Stephanie Rawlings-Blake. “The fact that they have chosen to continue to expand here demonstrates that we are a competitive and attractive destination for global companies. I thank Morgan Stanley for their continued investment in the City and to EAGB, Commerce and BDC for working together on this project.”
“We are proud that an industry leader like Morgan Stanley is continuing to invest in Maryland,” said Maryland Commerce Secretary Mike Gill. “Working together with our partners in Baltimore City and the Economic Alliance of Greater Baltimore, we are ensuring that one of the world’s top financial firms will continue to have significant operations in our state.”
“I am thrilled to work with our partners at the Economic Alliance and the Maryland Department of Commerce in ensuring that Morgan Stanley’s growth happens in Baltimore,” said Baltimore Development Corporation President & CEO William Cole. “This collaborative effort and the successful outcome are a clear indication of the viability of Baltimore’s commercial district and of Morgan Stanley’s continuing commitment to Baltimore.”
“Morgan Stanley has built a phenomenal presence here over the years, and the Economic Alliance is honored to have worked closely with them on this project to continue to grow jobs in our region,” said Economic Alliance president and CEO Shannon Landwehr. “They are a valued partner in the Economic Alliance mission, and we are grateful for their commitment to Greater Baltimore. We are also appreciative of the extensive collaboration we had with the teams at Commerce and BDC to secure the strategic growth of Morgan Stanley in Baltimore.”
To assist with project costs, the Maryland Department of Commerce has approved a $4.5 million conditional grant through the Maryland Economic Development Assistance Authority and Fund (MEDAAF). Additionally, the City of Baltimore Development Corporation is providing a $500,000 convertible loan. The company is also eligible for various Maryland income tax credits, including Maryland’s Job Creation Tax Credit, One Maryland Tax Credit, and Enterprise Zones Property Tax Credit.
About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.