Morgan Stanley 2003 Annual Report Download - page 31
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Theglobaleconomy,corporateprotsandthesecuritiesmarketshouldbe
strongerin2004thanin2003.Weexpectamorefavorableenvironment,
andweshouldincreaseourrevenuesandprots.
Wedidnotreduceheadcountininvestmentbankingandinsalesand
tradingassharplyassomecompetitorsin2001–2003,andwebelievethis
willallowustoserveclientsbetterduringtheupturnweexpectin2004.
Thetalentandexperienceofourpeoplewillcontinuetobeoneofour
greatestcompetitivestrengths.
WeareaddingtwoexceptionalDirectorstoourBoardinearly2004:
SirHowardDavies,DirectoroftheLondonSchoolofEconomics,
whomImentionedearlier,andDr.KlausZumwinkel,Chairmanofthe
ManagementBoardofDeutschePostAG.Theseadditionswillbesigni-
cantastheymarkthetransitionofourBoardtoatrulyglobalmembership,
reectingthegeographicbreadthofourbusiness.WewillmissEdBrennan,
wholefttheBoardinOctoberafterbeingnamedExecutiveChairmanof
AMRCorp.,andBobBauman,whowillretirefromtheBoardinApril.
Ourcompanyhasbenetedfromtheirwisecounselandcarefuloversight.
Ourfriend,colleague,andPresident&COORobertScottannounced
hisretirementinOctober.HeisnowanAdvisoryDirectorandwill
continuetohelpuswithassignmentsinanumberofkeyareas.Bobhas
beenwithMorganStanleyfor33yearsinanumberofdifferentcapacities,
andnoonehasservedwithgreatercommitmentornerintelligence.He
representstheverybestqualitiesofourrm.
Sincerely,
PhilipJ.Purcell
Chairman&ChiefExecutiveOfcer
February5,2004
MorganStanleyAnnualReport2003