Morgan Stanley 2001 Annual Report Download - page 3

MORGAN STANLEY ANNUAL REPORT 2001 1
But we also take pride in the way our company responded
in the immediate aftermath of the attacks and the weeks
that followed. Through resolve, discipline and some indi-
vidual acts of heroism, nearly all our employees evacuated
the South Tower immediately after the North Tower was hit,
executing planned and frequently practiced safety proce-
dures. Many of our people immediately went to backup sites
to begin to take care of customers and to protect the firm.
We believe it was a defining moment for us — a summation
of what we stand for and how we respond when tested by
extreme circumstances. We believe the response of our
people should give shareholders great confidence.
Few, if any, events will ever have the impact of September 11,
but the year 2001 also tested our people and our businesses
in other ways. For most of the year, the world economy
was gripped in a recession that still continues as we write
this letter. As a result, our business volume was down from
the record levels of late 1999 and early 2000, and the
steady growth in our profitability was interrupted.
We have responded to this challenge by focusing even
more intently on client relationships. Despite the difficult
environment, we continued to achieve substantial returns
for shareholders.
When we think back on 2001, we are filled with
deep sorrow and outrage over the events of
September 11. Who among us will ever forget
the shock and horror of that day? For the
Morgan Stanley family, the attacks hit us right
at home — 3,700 of our people worked in
the World Trade Center. Sadly, seven of them
and six contract service professionals did not
make it out that day.
LETTER TO SHAREHOLDERS