Morgan Stanley Said to Freeze Hiring at Investment Bank for Rest of Year

[marmar]

It's hard out here for a Bankster.


Sept. 27 (Bloomberg) -- Morgan Stanley, the sixth-largest U.S. bank by assets, froze hiring at its investment-banking division for the rest of 2010, a person briefed on the decision said.

The firm ruled out layoffs through the end of the year, the person said, speaking anonymously because the matter hasn’t been publicly disclosed. Jim Wiggins, a spokesman for Morgan Stanley, declined to comment on the hiring freeze. He said the company intends to hire brokers for the Morgan Stanley Smith Barney unit, a joint venture with Citigroup Inc.

The freeze, which includes the New York-based firm’s sales and trading units, comes as weak trading and equity underwriting volume may lead the five largest Wall Street banks to post their lowest revenue from investment banking and trading since the fourth quarter of 2008. Bank of America Corp. is firing as many as 400 employees in its global banking and markets division, a person briefed on the matter said last week.

Fox Business Network reported Morgan Stanley’s decision to freeze hiring earlier today. .............(more)

The complete piece is at: http://noir.bloomberg.com/apps/news?pid=20601087&sid=a9lo57hqvxm0&pos=1

[DJ13]

1. sniff

:cry:

[avaistheone1]

2. Boohoo

[dixiegrrrrl]

3. ya know it is getting bad when even the banks have run out their string.