Just six months into 2002, Morgan Stanley has filled its new broker quota for the year, according to sources.
The firm previously said it would hire 100 brokers. After that, decisions would be made on a case-by-case basis — with experienced producers having the edge.
Other major wirehouses — especially Merrill Lynch, UBS PaineWebber and Salomon Smith Barney — continue to hire. However, they, too, favor top producers who would bring considerable management business with them.