Morgan Stanley 2000 Annual Report Download - page 10
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•Ininstitutionalsecurities,weareapplyingourmarketandtechnologicalexpertise
to create new products in areas such as commodities and credit derivatives, where
we can gain a high-margin, “first mover” advantage. We also are focusing on
growing businesses such as our prime brokerage services, which builds on our leading
presence in global equity markets as well as our technological and analytical skills.
•In investment banking and research, we have leveraged our in-depth knowledge of
many industries to become a leader in advising companies on the formation of elec-
tronic exchanges, such as Covisint, an online marketplace for the automotive industry.
•In asset management, we have refocused our traditional strengths by creating a more
integrated organization; increasing our visibility in the marketplace; and emphasizing
high-margin, actively managed portfolios. This strategy has placed us in the top three
of all asset management firms worldwide in terms of pre-tax profitability.
•Increditservices,ourgoalistomakeDiscoverCardtheleadingcreditcardonthe
Internet. We now have more than 4.5 million Cardmembers registered on the
Discovercard.com Account Center.
Leadership. We are fortunate to have a great depth of leadership. This past year,
Jim Higgins, who built our individual investor group to its leading market position,
and Peter Karches, who led our institutional securities business to its current global
pre-eminence, retired. The new leaders of these businesses—John Schaefer, Stephan
Newhouse and Vikram Pandit—are long-time, experienced executives of this com-
pany and are exceptionally well-equipped to meet the new challenges in a rapidly
changing industry. We believe our management team is stronger than ever. There
also was a changing of the guard this year in Europe and Asia, with the retirement
of Sir David Walker and Jack Wadsworth, respectively, as the heads of those regions.
We thank Jim, Peter, Sir David and Jack for their leadership and years of service to
the firm and our clients.
Diversity. Our greatest strength is the diversity of talent, skill and experience of our
more than 60,000 people. It is vital that our global workforce reflect the diversity of
our society, and, accordingly, we are committed to providing a discrimination-free
workplace and equality of opportunity. Women compose nearly half of our world-
wide workforce, including more than 40 percent at the two EEOC-defined highest
NEW ACCOUNTS OPENED IN
INDIVIDUAL INVESTOR GROUP
(in thousands)
ASSETS UNDER MANAGEMENT
OR SUPERVISION
(in billions of dollars)