Morgan Stanley makes new hires to build momentum

LONDON/NEW YORK (Reuters) - Wall Street bank Morgan Stanley (MS.N) is recruiting top bankers to strengthen its positions in derivatives, commodities and restructuring, having saved $1 billion from cutting other jobs this year.

As part of the move the New York-based bank has hired Luc Francois, the former head of equities at Societe Generale (SOGN.PA), as its global head of equity derivatives and head of European equities.

"At Morgan Stanley Luc will help the firm build on its considerable momentum in equity derivatives, which is a key strategic focus for us," a bank spokesman said.

Francois, who will start in September, will be based in London.

Other hires, who will be based in New York, include ex-Bear Stearns senior executives Thomas Wong and Eric Cole, who will join as its proprietary trading head, and co-head of distressed sales, trading and research, respectively.

Former Merrill Lynch MER.N head of commodities risk management James Brown will join as Morgan Stanley's head of global commodities risk, a newly created post. Also Lazard's Blake O'Dowd will join as the head of the restructuring group.

Morgan Stanley has cut 4,800 jobs in the investment banking, fixed income and research divisions this year.

(Reporting by Daisy Ku and Aarthi Sivaraman; Editing by Greg Mahlich)