Word: stanley
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Dates: during 2000-2009
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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...
...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...
...biggest change by far for Morgan Stanley comes from the acquisition of the Salomon Smith Barney brokerage division. The deal, which was announced in January, has boosted the number of brokers at Morgan Stanley to just over 20,000. That makes Morgan the largest brokerage house in the country. Brad Hintz, an analyst at Sanford C. Bernstein & Co., estimates that after the acquisition is complete Morgan will get 42% of its revenue from its brokerage division, up from 20% a year...
...Morgan Stanley is not abandoning its investment-banking roots, but it is making the bet that retail brokerage operations are going to be valued more in the market than in the past," says Hintz...