Bank of America's CEO said the bank continues to cut headcount but is hiring investment bankers and financial advisers in Europe and Asia. [LA Business]
Morgan Stanley is lowering pay for some senior executives in an effort to reduce compensation levels. [Dealbook]
London-based alternative asset manager Duet Asset Management is preparing to launch a commodities hedge fund. [Benzinga]
Private equity firms have doubled their fundraising over the past year, pointing to a recovery in deal flow in 2011. [Financial News]
Morgan Stanley grabbed the top ranking in global equity underwriting this year.