The New York Times reports that they were greeted by an unlikely colleague, Colm Kelleher, who runs the company’s sales and trading and investment banking departments.
Traditionally, traders and investment bankers think of themselves as the elite of Wall Street and look down on the retail business, seeing it as pedestrian. Yet Kelleher had a message for the branch managers: His group can work with retail brokers to increase profits at Morgan Stanley.
That message evokes the strategic emphasis that followed the 1997 merger of Morgan Stanley with Dean Witter, Discover & Company. The rationale for that deal was to create a financial supermarket where the retail brokerage and the investment banking businesses could complement each other.
Hit the link below to access the complete New York Times article:
Morgan Stanley Strives to Coordinate 2 Departments Often at Odds
The Alchemists: Three Central Bankers and a World on Fire
Hubris: How HBOS Wrecked the Best Bank in Britain
