The News: Rise of the Retail Brokers

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Expectations are high for a deal between Morgan Stanley and Citigroup to form a joint venture brokerage, with some saying an announcement could come today. The prospect of a new 800-pound gorilla in the finance world is highlighting demand for retail brokers who, The Wall Street Journal says, "are emerging as one of Wall Street's biggest hopes for recovery." Meanwhile, the New York Post reports Morgan Stanley and Citi may pool $2 to $3 billion to use for retention bonuses for the 22,000 brokers expected to be part of their venture.

Help Wanted: Wall Street Stockbrokers, No Joking [WSJ]

Bonus Pool is Back [NY Post]

Morgan Stanley's Gorman Takes 'Lead Position' to Succeed Mack [Bloomberg]


A lot of money managers are going to lose their jobs this year [Pensions & Investments]

Hedge funds face a tough year all around [Financial Times]

Citigroup will reorganize its private banking operation in China [Reuters/NY Times]

Boston Co. Asset let 89 people go [Pensions & Investments]

We've said it before, but we'll say it again: Watch yourself online [SFGate]

The biggest losers: Because misery loves company [Silicon Alley Insider]

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