FORTUNE magazine's research to identify Europe's best workplaces has placed Morgan Stanley firmly in the top 10, alongside Novo Nordisk, ST Microelectronics, Skandia, ING Group, Porsche, L'Oreal, Nokia, San Raffaele and Pret a Manger. It was the magazine's first ever survey to identify the Best Companies to Work for in Europe and, following extensive research across Europe and the US, an initial shortlist of 75 companies was narrowed down until the final ten emerged.

FORTUNE's research involved canvassing opinion from journalists, securities analysts, business school professors, consultants, social-investment researchers and university students. However, it was the interviews with existing employees which played a crucial role in the final selection — all employees in the top 10 organisations stated, quite simply, that they loved working for their company.

Morgan Stanley's London office was described as "something special", having "become the anchor of a supremely successful European business". FORTUNE cited some of the Firm's key achievements in 2001, including: being ranked second in issuance of international bonds and second in mergers and acquisitions; advising on four of the top ten European deals; being first in IPOs; underwriting the five biggest European technology offerings; and issuing the biggest corporate global bond offering anywhere ($16.4 billion for France Telecom).

F0RTUNE found that Morgan Stanley employees were proud of and excited to be part of the Firm's success. The interviewers were impressed by our strong team culture, the talent of our people and the opportunities available for career advancement. The profile also highlighted the Firm's recent and ongoing efforts to address the importance of an appropriate work-life balance.

Commenting on the accolade, Steve Newhouse said to European employees: "It is very significant to me that we are the only company in our industry to make the list. A lot of people in this Firm work very hard in many different ways to support and sustain the unique culture which we enjoy. But, in the end, it is the way all of you treat one another in a spirit of cooperation, mutual respect and shared commitment that makes this a great place to work."