TITLE

MORGAN STANLEY: FEW SURVIVORS?

AUTHOR(S)
Celarier, Michelle; Chapelle, Tony
PUB. DATE
May 2003
SOURCE
Investment Dealers' Digest;5/5/2003, Vol. 69 Issue 18, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
There's little doubt that Morgan Stanley & Co. is trying to position itself as the best of a sorry lot —Wall Street firms whose research and banking practices revealed outlandish conflicts of interest that led to a 1.4 billion dollats settlement with regulators.And there's an overriding reason: Morgan Stanley wants to be one of what Chief Executive Philip Purcell thinks will be a very few global firms that survive the maelstrom. The settlement revealed allegations of conflicts of interest between research and investment banking at Morgan Stanley, and noted that it had paid other Wall Street firms 2.7 million dollars for something called “guaranteed research.” In contrast to Goldman Sachs & Co., Morgan Stanley has managed to increase its fixed-income market share substantially, which has been just about the only place in investment banking to make money.
ACCESSION #
9860147

 

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