Morgan Stanley is set to hire another 500 private bankers over the next 18 months to squeeze greater revenue from its US private banking customers, partly through large mortgages, as luxury real estate sales in North America rebound.
The bank confirmed it had hired 100 private bankers and could quintuple their numbers by the end of 2011 to offer more products such as jumbo mortgages and structured loans to Morgan Stanley Smith Barney clients.
