Morgan Stanley contributed $150,000 to charities honoring victims of the mass shooting at a Newtown, Connecticut, elementary school that killed 20 children and six adults, including three relatives of bank employees.
The firm set up a fund to support services such as grief counseling and is contributing to other charities, Chief Executive Officer James Gorman wrote in a memo to employees yesterday that was obtained by Bloomberg News. About 1,400 employees have contributed a total of more than $1 million.
Jack Pinto, 6, was the son of Dean Pinto, a Morgan Stanley lawyer. Mary Sherlach, the school’s psychologist who was killed, was the wife of Bill Sherlach, a broker at the firm. Grace McDonnell, 7, was the niece of Paul Minella, who also works in the firm’s brokerage. Two other Morgan Stanley employees are married to teachers at the school who were not injured.
“No word or deed can right these wrongs or take away our colleagues’ suffering –- but as a firm, we can lend them support,” Gorman wrote in the memo.
President Barack Obama pledged his administration will draft “concrete proposals” by the end of next month to help stem gun violence in the U.S. after the Dec. 14 shooting.