Morgan Stanley (MS) - Get Morgan Stanley Report told its brokers today that it is standing down from the costly recruitment wars, following a similar admittance from Bank of America/Merril Lynch (BAC) - Get Bank of America Corporation Report, Reuters reports.
Morgan Stanley said that it would "significantly reduce experienced adviser recruiting," according to the report. The firm has 15,000 brokers.
Bank of America/Merrill Lynch stated that beginning in June, it would no longer give new prospects or recruits significant upfront bonus checks to join its firm.
Shares of Morgan Stanley closed higher over 1.5% on Tuesday.
Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.