Word: firmnesses
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...take a lot of risk? Yes," Mack told the shareholder. "I think the firm has the capacity to take a lot more risk than it has in the past...
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...
...half years ago, at Morgan Stanley's annual meeting, CEO John Mack fielded a question from a worried investor. Mack's firm had had a good 2006 and early 2007, but the questioner was concerned that much of the new profits seemed to be coming from increased borrowing and bets the bank was making with its own capital. Mack answered defiantly...
...financial crisis and its aftermath have dramatically changed investor perceptions, particularly with respect to the soundness of our financial system. In response, big financial firms are changing, but few firms have changed more than Morgan Stanley. The latest sign of Morgan's transformation came two weeks ago when the firm announced that James Gorman would replace Mack in January. Unlike Mack, and nearly every other head of Morgan Stanley, Gorman has never been an investment banker. Gorman, a former McKinsey consultant, joined Morgan three years ago from Merrill Lynch, where he had run that firm's brokerage force. At Morgan...
...turned instead to Bryan Trubey of HKS Architects, a Dallas-based firm, and together they came up with an adroitly glamorous exercise in how to balance muscle and lightness. The muscle comes from the main structural supports of the stadium's retractable roof, a pair of massive single-span steel arches, each a quarter-mile in length, that plant their big feet in concrete boxes just outside the exterior walls. The lightness comes from 180-ft.-high glass doors set between the arches on two sides of the stadium. Those let in an exceptional amount of natural sunlight...