Word: witters
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Dates: during 1980-1989
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Minolta's head start could prove hard to overcome. "They have a lot of momentum," says Eugene Glazer, a photo-industry specialist for the Dean % Witter Reynolds investment firm. Spurred by the Maxxum, Minolta's profits jumped almost 60% in the first half of fiscal 1985, to $28.5 million. The price of Minolta shares, which are traded on the Tokyo Stock Exchange, has increased about 60% since January 1985. Minolta closed last week at $4.82 a share...
...prospective sale of such in-house information upsets some firms. Said Robert Stovall, director of investment policy for the Wall Street firm Dean Witter Reynolds, whose directory will probably be offered: "It's an invitation to subject our employees to unwanted solicitations. The book wasn't prepared for some parasite to grab it and sell it." Dean Witter considers its directory to be proprietary information, and may copyright it to protect it further. Bank of America already did that last year to stop CIS from selling the bank's phone book...
Telling's most distinctive innovation during his remodeling of Sears was to steer the company into the financial-services business. Within a single week in 1981, Sears moved to buy Dean Witter for $610 million and Coldwell Banker, a California real estate firm, for $202 million...
Wriston is right to worry. Telling says that a large number of Sears financial customers are "men and women who have been unwilling to venture into traditional securities brokerage and real estate offices, but who trust the integrity that Sears has established over time." About 60% of Dean Witter's new clients at the 234 Sears Financial Service centers are first-time brokerage accounts. Overall, these clients are younger, with slightly lower household income than Dean Witter's traditional customers. Says David Wells, 37, a Chicago engineer and experienced investor who has opened a brokerage account...
...Sears strategy for expansion into financial services is bold, and Sears is now aggressively going after this market. While it has let go a few analysts, Deari Witter nonetheless plans to add 1,200 account executives this year, at a time when other brokers are holding firm or cutting back. Merrill Lynch, for example, has laid off 1,000 people, and 1,500 more are scheduled to follow by year...