I have been working at Morgan Stanley full-time (More than 10 years)
Experience is group by group, but I had an excellent experience there with a very collaborative team.
Given the size of the institution, there is necessarily some bureaucracy.
I applied through a staffing agency. The process took 1 day. I interviewed at Morgan Stanley (New York, NY) in January 2010.
This was via a co-sourced company. But interview was extensive at Morgan. 4 different developers interviewed. All technology related, mostly on UNIX and databases, as the position was for database developer.