On May 5, 2026, Morgan Stanley’s Budapest Analyst Program came under investigation by the Financial Authority. This follows allegations of unauthorized activities by analysts in Budapest.
The investigation began after a former employee raised concerns about working conditions. Reports suggest that analysts in Budapest earned approximately 1,500 euros per month, which is significantly lower than their counterparts in London or New York.
Since its inception, the Budapest analyst team has expanded to around forty people. However, internal memos indicate that these staff members do not possess licenses to conduct regulated activities.
In a recent internal communication, Morgan Stanley revised the transfer policy for analysts. Initially, they were promised transfers to New York or London after two years. This was later changed to a three-year waiting period.
This shift prompted about 20% of the Budapest analyst team to resign. The dissatisfaction among staff highlights ongoing issues within the program.
As of midday Tuesday, Arsenal faced Atletico Madrid in the Champions League semi-final second leg at the Emirates. Arsenal has struggled historically in European semi-finals at home, with only one win since 2006.
The scrutiny on Morgan Stanley’s Budapest operations may impact its reputation in investment banking. Analysts and potential recruits will likely be watching closely as developments unfold.