Morgan Stanley reportedly will dismiss 500 broker trainees and will scale back its entire broker training program, reports the New York Post, citing a company memo. The memo by James Gorman, who heads MS’ individual investor group, acknowledges that the program “has failed to meets its objectives,” and that those fired were “not tracking toward success.” The company, says the Post, plans to reduce the number of trainees it hires next year by between 800 and 1,500. Evidence of the program’s failure, according to the Post, could be seen by revenue-per-broker numbers. At MS last year the average was $490,000, compared with $556,000 at Citigroup and $766,000 at Merrill Lynch.