The Financial Times is reporting the investment bank is hiring at the executive level and moving to expand in areas like derivatives and proprietary trading, while bolstering its presence geographically in growing markets in the Middle East and Asia. One such hire, says the FT, is former Societe General SA equities head Luc Francois, who moves to Morgan Stanley to oversee European equities and serve as global head of equities derivatives.
Other new hires, according to the paper, include: Thomas Wong, who worked previously at Bear Stearns Cos., will head proprietary trading; Erin Cole, who led distressed bond trading at Bear Stearns, will co-lead distressed sales, trading and research; James Brown, who previously headed commodities risk management at Merrill Lynch & Co., moves to Morgan Stanley as global head of commodities risk; and Blake O'Dowd, who formerly worked for Lazard, comes on board as head of restructuring.
Morgan Stanley chief John Mack has told associates the turmoil in the financial sector has created a "historic opportunity" for recruiting, the paper said, and the new hires signal a broader trend of banks positioning themselves for life after the credit crunch. - Carolyn Murphy
See story from the Financial TimesStay tuned to
Movers & shakers for any announcements
See Dealwatch: Pink slips on Wall StreetSee The Deal's Career Center
In what may seem a little perverse, Morgan Stanley may put up to $1 billion of the cash it has saved from 4,800 layoffs toward some fresh blood. 
