Word: desks
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What a difference a financial crisis makes. Mack has spent much of the past year putting Morgan Stanley on safer ground. He has dramatically lowered borrowing and shut down the firm's proprietary trading desk. He changed Morgan from a Wall Street dealer to a bank holding company, and more than tripled the firm's deposit base, which is a safer source of capital. And in a major break from the bank's 70-year history he de-emphasized investment banking as the driver of Morgan Stanley's profits. In June, he completed the purchase of a majority stake...
Gorman has said that while the firm will shut down part of its trading desk it has no plans to fully exit the investment-banking business. It still plans to advise clients on mergers and manage stock and bond offerings, as well as complete trades for others. Gorman recently told employees at a town-hall-type meeting, "The heart, the DNA - the fabric of this place - has always been the institutional securities [investment banking] business and, frankly, should always be ... That's our roots." (See 25 people to blame for the financial crisis...
Still, it's clear that Morgan has taken a different road out of the financial crisis than its closest rival, Goldman Sachs. In the past year, Goldman has dramatically ramped up its trading desk. That move has led to big profits in the past year but the firm has also opened itself up to bigger losses should its traders get things wrong. Based on its trading activity now, Goldman says it could lose as much as $250 million in a day should its bets go wrong, up 30% from a year ago. What's more, even though Goldman has become...
...carrying boxes. Then his boss called him into the conference room. "Basically it was, 'Sorry, we're going to have to let you go due to sales,'" says Whitfield, 40. He returned to his cubicle with a packet of information about his severance benefits. He dropped it on his desk. He stared at his computer for a few minutes. "Then I just got up and left," he says. . (See pictures of people out of work in America...
...Residential Center in Johnstown, N.Y., where he was the sole person watching over 10 kids. According to his union, Loftly responded to a resident's feigned vomiting, only to find himself assaulted by three others who smashed his head with a piece of wood they had ripped from a desk. A colleague in an adjoining wing helped foil the escape attempt, but Lofty suffered headaches for weeks. While out on leave, he had a stroke and died last August. The local Fulton County coroner ruled his death was not work-related, but colleagues are convinced otherwise, said Madarasz. Similar complaints...