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Morgan Stanley
Morgan Stanley, ah memories of a past life~lived in this life~ Gee we can reincarnate any time we choose ~ we don't have to physically reincarnate to flow on...
Date: 7/29/2005 8:28:37 AM ( 19 y ) ... viewed 1200 times 9th~ my old brokerage firm, 95% male in 1986 and not wanting any "skirts" as it was jokingly put to me.(truthfully joking though) For 4 years I picked up the telephone, (to a lesser degree each year..But still..) and cold called...so sad and so leaving out relationship. Talk about a food chain! Ah well, it is just a memory now...Thank God
Opinion : The Five Dumbest Things on Wall Street This Week
The Five Dumbest Things on Wall Street This Week
By Colin Barr
Companies Editor
7/29/2005 7:02 AM EDT
Click here for more stories by Colin Barr
Mackaroni and Cruz
And red meat at Morgan Stanley
1. Falling Knife
The firing squad was back in action at Morgan Stanley (MWD:NYSE - news - research) this week.
It has been nearly a month since John Mack made his triumphant return to the big Wall Street firm, but on Thursday, the CEO -- long called "Mack the Knife" for his cost-cutting fervor -- made his mark. Morgan Stanley detailed plans to boost profits by firing a thousand brokers and cutting back on broker training.
A memo from acting president Zoe Cruz emphasizes that the moves will bolster the brokerage unit by ousting underperforming brokers. Cruz, of course, is a survivor of the failed Purcell administration who won Mack's admiration by turning down a huge pay package in the name of firm unity. She's sometimes called the "Cruz Missile" for reasons that have never been fully explained.
Anyway, the cuts come less than a month after Mack, meeting and greeting workers in his first full day, told retail brokers in New York's suburban Westchester County they were a "hidden asset."
"I am a big believer in retail," Mack told a jam-packed crowd at the July 1 meeting, The Financial Times reported. A person who attended that meeting told the paper, "The applause was huge."
We can only assume Thursday's news was greeted with similar enthusiasm.
Dumb-o-Meter score: 91. Well, when you get Mack the Knife together with the Cruz Missile, bloodshed is inevitable.
To view Colin Barr's humorous video take on the knife and missile tactics at Morgan, click here.
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