Private banking 2008: When the ultra-wealthy bump into the sub-prime
More information on the Private banking survey
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"We’re happy to make necessary investments to experience growth, even if it means somewhat lower profitability, and so will certainly consider acquisitions"
James Gorman, Morgan Stanley |
When you arrived at Morgan Stanley from Merrill Lynch almost two years ago, the wealth management business had been neglected. What were the challenges that faced you?
There were certainly a lot of problems facing the wealth management business at the beginning of 2006. Little had been done to leverage the merger with Dean Witter in 1997 in terms of people or brand, yet there were clear opportunities to be had from having a retail business joined to an institutional business.
In addition, while other firms had readjusted their businesses after the bubble burst in 2001, Morgan Stanley had continued to have very poor financial...
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