Does it pay to work for Morgan Stanley?

Poor old Morgan Stanley can no longer get away with enticing recruits at below-market rates.

This is the opinion of the Financial Times' Lex Column, which argued at the weekend that although Morgan Stanley's pulling power remains strong, it's no longer so strongly revered that people will work there for less money than at other banks.

The end of this era could damage the bank's balance sheet, said the FT.

Headhunters consulted by eFinancialCareers were skeptical that firm is now having to pay more than previously, however. "This is just an excuse for suggesting the Morgan Stanley brand is less than it used to be," said one former employee turned search consultant.