Morgan Stanley plans to boost its underperforming securities business by hiring several hundred traders over the next few years in an effort to close the gap with Wall Street rivals, according to the new chief executive James Gorman.
The securities business is crucial to Mr Gorman's strategy of reviving Morgan Stanley's fortunes after a loss-making 2009 by marrying a strong investment bank with a large US retail brokerage operation.
Mr Gorman, who took over as chief executive from John Mack in January, told the Financial Times that Morgan Stanley's sales and trading unit had failed to reach many of the investors and companies who wanted to do business with the bank.
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