Morgan Stanley will hire up to 400 sales and trading executives after cutting too much during the credit bust, according to the Wall Street Journal. The New York-based investment bank is in a quest to build out its fixed income group, in addition to others.
After an untold number of cuts to its fixed-income, equities trading and other units, the firm is in a rush to build its teams after being on the sidelines during the recent recovery. Morgan Stanley has reportedly made about 200 new hires so far this year across various units.
A Morgan Stanley representative was not immediately available for comment.
Morgan Stanley put itself on the forefront of recovery-era securities in July, when it became public that it was working to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities.