John Mack
John Mack
environment market pleased returned
We are very pleased that CSFB has returned to profitability in the first quarter...in this challenging market environment.
achieving aircraft business clear current decisions delivering financial global goal improve innovative leader level morgan offering retail returns services stanley steps strengthen strengths superior toward tremendous
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.
additional brand business card chance continuing cost create credit domestic earnings excess funds given good growth industry investing name percent powerful pressure profit puts retaining return rising short stage strengths strong time unique value
The US credit card industry is in a low-growth stage right now about 3 to 5 percent annually and the rising cost of funds puts additional pressure on earnings in the short term. But given the strengths of Discover, its powerful brand name and its continuing strong return on investment, retaining the business and investing in it over time give us a good chance to create value through domestic growth in excess of industry trends, growth in international profit and the unique opportunities in the payments business.
days heads return unless
Unless some heads roll, we will return to some dark, bad, old days of the LAPD,
businesses certainly coming companies deals internet people revenue tangible
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.
ahead asset card continued discover earnings last management operating percent produce quarter record reflect results securities
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.
continue driving improved key members team
We now have in place the key members of the team to continue driving improved performance.
ball court
That was in the D.A.'s court. Now the ball is in the court of the LAPD.
compete cost drive financial operate seek services ways
To compete effectively with other top-tier financial services firms, we need to drive down cost and seek ways to operate more effectively,
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,
certain class few invest involved missed products
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.
bill clinton comedy dating ranks
Nothing can get better than that. As a comedy writer, this ranks right up there with Bill Clinton dating an intern.
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,
whatever
When you go overseas, you see excitement, for whatever reason, you don't see here.