NEW YORK Morgan Stanley (MS.N) plans to use the
$1 billion it saved by cutting 4,800 jobs this year to hire
top-level executives in areas like derivatives, risk management
and proprietary trading, the Financial Times reported.
Morgan Stanley is expected to underline its recruitment
strategy as early as Thursday, with the announcement of key
hires, including Luc Francois, former head of equities at
Societe Generale (SOGN.PA), who will become head of European
equities and global head of equity derivatives, the FT said.
Francois left SocGen after the trading scandal at the
Citing people close to the company, the FT said Morgan
Stanley has already invested $400 million of the savings in
salaries and bonuses for its new staff.
The remaining $600 million could be used before the end of
the year to hire new people, the FT added, citing those people.
(Reporting by Aarthi Sivaraman; Editing by Gary Hill)