Morgan Stanley's broker headcount to stabilize

Since last summer, Morgan Stanley has been working to reshape its brokerage force. That, of course, entailed the loss of 1,500 brokers in its Global Wealth Management Group. You have to wonder how that effort is going. Morgan Stanley now employs 22 percent fewer brokers than at the beginning of 2005, according to MarketWatch. But the reductions seem to be over. There may be some more consolidation of branch offices. Morgan Stanley had 524 branches at the start of 2005. It's now down down to 473. Executives say they are pleased.

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