Morgan Stanley's retail brokerage chief John Schaefer said the firm has no plans to fire brokers, according to Bloomberg news.

The comments followed a report in today's Wall Street Journal that said the company is considering cutting as many as 1,000 brokers.

"The story in the Wall Street Journal about our alleged plan to lay off advisers is simply not true, " Mr. Schaefer told Bloomberg. "We're going to train 2,500 advisers this year, and we'll continue to selectively recruit" experienced brokers, he said.

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