Morgan Stanley has fired around 500 people in its broker training programme, according to reports in the US press. In addition to lettin...

Morgan Stanley has fired around 500 people in its broker training programme, according to reports in the US press. In addition to letting go the 500 trainees in the US, about half of the current class, Morgan Stanley will reduce the number of new participants in the programme by half to between 700 and 1,000 each year, according to an internal memo from James Gorman, the global head of the Wall Street bank’s wealth management business. Last summer, Morgan Stanley fired at least 1,000 experienced brokers. Morgan Stanley might be keen to fire underperforming brokers, but it also appears to be keen to attract talent. Earlier this week, Morgan Stanley said it was prepared to offer its top financial advisors in the US a bonus of up to 200 per cent of their gross revenue over the last year if they join from competitors.