Tuesday, January 10, 2006

Great sucking sound

Click on graph for larger version

First, there was a nasty and very public battle to oust Morgan Stanley CEO Phil Purcell and then the new leadership fired 1,000 lower-producing financial advisors. The turmoil has resulted in an environment that has the firm's big producers looking for greener pastures.

From InvestmentNews:
When the former retail chief at New York-based Merrill Lynch & Co. Inc. takes over as president and chief operating officer of Morgan Stanley's individual-investor group, he will join a unit that sustained $8.1 billion in net outflows during its fiscal fourth quarter, ended Nov. 30.
What did they expect?

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