Pros
First and foremost Morgan Stanley is a great name. It is a good company to have on your resume. Also, the benefits are great and on top of that you get 20 days of vacation. The offices in New York are very nice and for some of the new hires in the Baltimore area they pay for you to train in NY for a few weeks.
Cons
At Morgan Stanley you will work long hours and there is no hour lunch, you simply run to get food and then eat at your desk. This often leads to burn out among the employees and moral goes down quickly. There is no overtime and when the technology doesn't work you have to sit there for hours just waiting. There were some days when I was there until 10pm at night for reasons I could not control. Also, the Baltimore office lacks leadership, most of the management there are new and don't have experience within Morgan Stanley.