In July 1996 the senior management of Morgan Stanley in London – seized perhaps with a sense of awe at the approaching millennium and an urge to display their own capacity for the vision thing – sat down and wrote plans for the firm’s 15 or so main business lines in Europe, projecting headcount, capital, revenues and pre-tax profit for the years up to and including 2000. The reaction of some of the firm’s senior executives in the US and Asia was, to put it kindly, sceptical.
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