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Article: Jury still out on Morgan Stanley's recovery MARKETPLACE by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- March 22, 2006
- Author:
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Gregory Cresci
International Herald Tribune
03-22-2006
For all the changes made by Morgan Stanley's John Mack in his first nine months as chief executive, shares of one of the biggest U.S. securities firms still trail those of its Wall Street peers.Mack reported record fourth-quarter profit, hired a Merrill Lynch executive to oversee the firm's 9,500 brokers, picked two deputies as co-presidents and showed he was prepared to improve in money management. Morgan Stanley's stock has risen 17 percent since late June, when speculation of Mack's return began, less than half the gains of a smaller New York-based rival, Lehman Brothers Holdings.But ''the jury is still out as far as the turnaround ...