Morgan Stanley 2001 Annual Report Download - page 16

Different clients need — and demand — different kinds of relationships.
Listening allows us not only to learn their concerns but also to understand how
they work most comfortably. Listening to each other within Morgan Stanley
broadens our reach and prepares us to serve clients as one firm. Finally, clients
value our ability to listen to our worldwide network: to be their ears to the
market. Being good listeners can help us stand out.
WORKING RELATIONSHIPS
SINGTEL
Singapore Telecom, Singapore’s largest
company, is focused on expanding beyond
its local market. As part of its interna-
tional expansion strategy, SingTel turned
to Australia and to Morgan Stanley for our
understanding of the Australian market
and our access to the company being
auctioned: Cable & Wireless subsidiary
Optus. Morgan Stanley understood the
client’s strategy for this complex trans-
action — the largest-ever Australian
acquisition, with a number of regulatory
issues — and provided a comprehensive
solution that included services from
M&A execution to financing and foreign
exchange, as well as developing a unique
and successful offer for Optus share-
holders. The US$10 billion acquisition of
Optus proved to be a critical transaction
for SingTel, an important milestone for its
regional expansion.
DISCOVER CARD HELPS OUT
When a credit card customer falls behind
on payments, most card companies take
an aggressive stance. But a new program
from Discover®Card acknowledges that
when good Discover Cardmembers miss
payments, the reasons often are outside
their control. Instead of a terse reminder,
they receive a sympathetic letter, and in
some cases a Hallmark®card acknowl-
edging that life takes unexpected turns,
with a handwritten note offering to help.
Cardmembers who call Discover Card
receive credit counseling and can qualify
for a special payment plan. Being treated
with respect and understanding by
Discover Card can encourage the loyalty
of Cardmembers long after their tempo-
rary problems have passed.
1 MILLION PHONE CALLS
The New York Stock Exchange and other
major U.S. stock exchanges did not open
on the morning of September 11 and
remained closed for almost a week in the
wake of the terrorist attacks in New York
City and Washington, D.C. It was a period
of extraordinary anxiety for individual
investors. They were concerned about
their savings and investments: What could
they do while the markets were closed?
What should they do when the markets
reopened? For seven days, around the
clock, our nearly 14,000 financial advisors
were on the phones to our individual clients.
In well over 1 million conversations, our
advisors listened to our clients’ concerns
and offered reassurance and trusted
advice throughout this most trying time.
MORGAN STANLEY ANNUAL REPORT 2001 13