Word: barney
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...firm's deposit base, which is a safer source of capital. And in a major break from the bank's 70-year history he de-emphasized investment banking as the driver of Morgan Stanley's profits. In June, he completed the purchase of a majority stake in Salomon Smith Barney's brokerage division, instantly turning Morgan Stanley, once an élite white-shoe institution, into the largest brokerage house in America. (See TIME's special report "The Financial Crisis After One Year...
...Morgan Stanley, Gorman has never been an investment banker. Gorman, a former McKinsey consultant, joined Morgan three years ago from Merrill Lynch, where he had run that firm's brokerage force. At Morgan, he was in charge of revamping the firm's brokerage division, and recently integrating the Smith Barney acquisition. Observers say Gorman's background will likely move Morgan further away from its roots...
...biggest change by far for Morgan Stanley comes from the acquisition of the Salomon Smith Barney brokerage division. The deal, which was announced in January, has boosted the number of brokers at Morgan Stanley to just over 20,000. That makes Morgan the largest brokerage house in the country. Brad Hintz, an analyst at Sanford C. Bernstein & Co., estimates that after the acquisition is complete Morgan will get 42% of its revenue from its brokerage division, up from 20% a year...
Capuano was introduced by fellow Democratic Congressman Barney Frank, who also emphasized Capuano’s close mirroring of Kennedy’s voting record. Frank added that while the US recently lost the “greatest senator in history,” Capuano is the ideal candidate to continue his legacy...
...like - who remade international institutions at the end of World War II would not have been able to do what they did without the assistance of Arthur Vandenberg, the powerful chairman of the Senate Foreign Relations committee, so reform of the financial system today cannot bypass Representative Barney Frank, the chairman of the House Financial Services Committee...