Morgan Closes 3 Retail Offices

Walker, Susanne
June 2003
Bond Buyer;6/23/2003, Vol. 344 Issue 31662, p1
Trade Publication
The article reports that Morgan Stanley on Friday closed its retail municipal offices in Chicago, Atlanta and Dallas, and in the process laid off a portion of its trading and support staff that were housed in those offices. Andrew Garvey who is the company's managing director of public finance, confirmed the closure and stated that services would now be provided from its offices in New York and San Francisco. The closed offices were risk-taking offices of traders and support staff that were buying and trading municipal bonds. The issue is about making proactive decisions about growing the company's business and managing risks.


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