Thursday, July 31, 2008

Morgan Stanley Goes On Hiring Binge

Morgan Stanley apparently believes in taking advantage of crisis.

It plans to use up to $1bn saved from cutting 4,800 jobs this year to hire top-level executives and bolster its presence in areas such as derivatives, risk management and proprietary trading.

The aggressive hiring campaign is driven by Morgan Stanley’s desire to take advantage of the lay-offs among firms hit by the credit crunch to add expertise in fast-growing businesses and regions such as the Middle East and Asia.

John Mack, chairman and chief executive, has told associates that the turbulence, which has caused 75,000 job losses in the US financial sector, is a historic opportunity to recruit bankers, traders and risk managers.

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