Morgan Stanley has cancelled recruiting for next year’s institutional securities class, a (former) MS candidate was told by the firm yesterday (that’s got to be an awkward convo we would’ve loved to have been in the room for). Next June’s fresh meat will be comprised solely by those who received offers this past summer (and this bit of news is sure to make anyone on the fence accept immediately—they are now part of an “elite” group, which employees of Morgan Stanley hardly ever get to say). Think the bank will spin this by saying the cap is necessary because too many Mackophiles (that’s what they like to be called) from the summer said yes? If they have someone who’s even mildly competent in charge of PR, we think so!