Morgan Stanley Increases COVID-19 Charitable Commitment to $25 Million
Morgan Stanley (NYSE:MS) today announced an additional $15 million in grants to support the ongoing relief efforts to the global COVID-19 crisis. Building upon the Firm’s previously announced COVID-19 relief commitment of $10 million, this new grant will support organizations that are fighting hunger as well as organizations focused on disease control, caring for the sick, and financial support for those most vulnerable in our communities who are struggling with the economic loss.
As part of this commitment, the Firm is launching the Morgan Stanley COVID-19 Hunger Relief Campaign, which incentivizes employees globally to contribute to local feeding programs. This new initiative will facilitate employee contributions to critical feeding partners in all of the Firm’s major global locations. The Firm will match employee contributions dollar for dollar up to $5,000 per employee for designated feeding programs.
Beyond the tragic loss of life, COVID-19 is having devastating effects on food insecurity where, even in developed countries, food prices have increased dramatically. Exasperated by loss of income and lost school lunch programs, many people have and continue to turn to charitable organizations to feed their families. In the U.S. alone, Feeding America estimates that as many as 54 million Americans will need assistance this year, a more than 45 percent jump in need.
“Food insecurity is an issue that Morgan Stanley and our Foundations have focused on for decades, and we are committed to supporting our partner organizations that are on the front lines of addressing this problem during the current health crisis,” said Joan Steinberg, Global Head of Philanthropy at Morgan Stanley. “We know that families who do not have enough to eat simply do not thrive, and they greatly need support during this time.”
This grant is in addition to the Firm’s previously announced $10 million commitment to COVID-19 relief efforts, supporting critical frontline medical responders globally as well as community providers serving those economically impacted by the crisis.
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