John Mack
John Mack
changes commitment firm given impressive management nine past people performance strength talent testament
Given the management changes and other distractions the firm has haced over the past nine months, this impressive performance is a testament to the talent and commitment of our people and the fundamental strength of our franchise,
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We continued to produce outstanding results, with nine-month earnings 35 percent ahead of last year's record pace. Our third-quarter results reflect significant breadth, with record operating results in Discover Card and asset management and another outstanding quarter in the securities business.
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Investment Management is a key business for Morgan Stanley, one that we are deeply committed to investing in and growing.
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When you go overseas, you see excitement, for whatever reason, you don't see here.
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We certainly see a lot of people coming to us with Internet businesses to sell, ... But the deals are not getting done because these companies have no revenue and no tangible assets.
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We are very pleased that CSFB has returned to profitability in the first quarter...in this challenging market environment.
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Basically, with few exceptions, we have missed the alternative class. There's certain products we've not been involved in that we should be involved in and will invest in.
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Morgan Stanley has tremendous strengths as a global financial services firm, but it is clear that our current level of profitability is unacceptable and we need to improve our performance, ... Our overriding goal for Morgan Stanley is to be the clear leader in offering premier, innovative financial services to our clients, while delivering superior returns to our shareholders. The decisions to keep Discover, divest the aircraft leasing business and strengthen our retail business are our first steps toward achieving that goal.
achieved across aspects growth morgan revenue securities stanley strong
Morgan Stanley achieved strong revenue growth this quarter, particularly across all aspects of our institutional securities business,
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Nothing can get better than that. As a comedy writer, this ranks right up there with Bill Clinton dating an intern.
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Regarding use of force, firing of the weapon, the police commission found that the use of force was out of policy.
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That was in the D.A.'s court. Now the ball is in the court of the LAPD.
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We now have in place the key members of the team to continue driving improved performance.
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There is a great deal that we can and must do to improve its performance.