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 hasnât 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 firmâs 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 Stanleyâs decision to freeze hiring earlier today. http://noir.bloomberg.com/apps/news?pid=20601087&sid=a9lo57hqvxm0&pos=1 Weak trading volume ? Ay, ay, ay. Must have to do with algos playing "ping pong" with each other all day long.
Management fucked up, they paid way too much bonus last year. I couldnt believe what some of my friends got over there, they couldnt either. This year's bonus supposely going to be "signficantly" less. Most of the big banks isnt so hot right now, bac is a complete mess, just had a layoff, so did barclays. Citi is actually looking pretty good, funny how the wheel turns.
they are getting a weak crop of buyers up here at the turn,the descent will not be as profitable as expected,less folks are trusting them to manage thier assets