Morgan Stanley To Bring In 400 New Employees (MS, GS)

8/21/2009-According to a Reuters report, Morgan Stanley (NYSE:MS) is preparing to hire as many as 400 new traders and salespeople. The source added that approximately half of the jobs have already been filled and now the firm is looking to fill the other half with traders for its foreign exchange, emerging markets and equity derivatives desks. The move comes as the bank tries to dig its way out of three consecutive quarters of losses, and with its largest competitor Goldman Sachs (NYSE:GS) having outshined them in the most recent quarter, pressure to outperform has only risen.

Write to Chip Brian at cbrian@tradethetrend.com

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