UPDATE: Morgan Stanley Implements Hiring Freeze (MS)

FOX Business Network's Charlie Gasparino is reporting today that Morgan Stanley MS stopped hiring back in August, “when it became clear that profits for the third quarter were likely to be substantially lower than previously estimated.” Morgan currently does not have intentions to cut its headcount, according to Gasparino, though much of that depends on MS's fourth quarter performance and profits. If it mirrors recent weak results, it appears that both bonuses and headcount will be on the chopping block. A Morgan Stanley spokesman confirmed to FOX Business that a hiring freeze is in place. Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the company operates as a global financial services company that provides its products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals. It operates through three business segments: Institutional Securities, Global Wealth Management Group and Asset Management.