At the end of a bountiful 2005, almost every Wall Street firm will be doling out big bonuses. What's odd about Morgan Stanley's munificence is that it comes at the end of a bad year. Read more . . .

All five wirehouses are making top-level management changes. Here's what the new bosses are up against. Read more . . .

Recruiting, relocating and dealing with a potentially fractious workplace are all in the job description. The trick is balancing it out. Read more . . .

The cuts have come swiftly at Morgan Stanley under new CEO John Mack. The firm has laid off at least 1,000 brokers--including many low producers--amid its search for a retail chief. But all is not lost for these newly freed reps, as some regionals and independents are jostling for a chance at them. Read more . . .

Here are five questions you should ask yourself if you're thinking of leaving for another firm. Read more . . .

When Smith Barney and Legg Mason announced a deal to swap the wirehouse's asset-management business for Legg's brokerage unit, a lot of Legg reps saw an ugly storm brewing. Some made calls to recruiters and began to prepare for a move they wish they didn't have to make. But as the details of the combined entity begin to emerge, the devil is sending out the right vibes, and a lot of reps have stopped. Read more. . .

John Mack is moving quickly to get Morgan Stanley’s ailing retail brokerage in shape. Read more. . .

When Morgan Stanley announced late last week that John Schaefer, the head of MorganÂ’s struggling retail brokerage unit and an ally of former CEO Phil Purcell, was stepping down, Wall Street immediately began speculating about who will be chosen as his successor. And what that successor might augur for the retail brokerage. Read more . . .

It appears an exodus of brokers from Morgan Stanley won't happen anytime soon. Many reps remain loyal, and the firm is hiring bigger producers. But recruiters are making overtures anyway. Plus, a change at the top of Merrill's retail unit. Read more . . .

If Phil Purcell can't get more out of his retail brokers, he won't be on top of Morgan Stanley for long. Read more . . .

Recruiting competition between the top brokerage firms is fiercer than ever, and Morgan Stanley is currently wielding one of the most powerful deals on Wall Street. Known as the Rising Star program, it offers young, successful brokers 100 percent cash upfront, plus generous production-based payout increases at 14, 24, 30 and 60 months. For those of you counting at home, those numbers add up to a payout. Read more . . .

Joel Marks is in a race to get big before he gets crushed. Marks, vice chairman and COO of independent broker/dealer Advanced Equities in Atlanta, more than tripled the size of his independent advisor force with two acquisitions in the past year. That brings him to 600 reps and assets of $14 billion. In the coming year, he expects to nab another two or three b/ds, and by 2007 he hopes to double revenue. Read more . . .

Wall Street headhunters on the pressure branch managers are under--and the resultant richness of the deals. Read more . . .

The streamlining by Wachovia solves two problems at once. Read more . . .