Morgan Stanley just announced massive layoffs at its residential mortgage business; it's shutting down the UK end altogether. One suspects that more than a few senior managers are thinking wistfully of the Glass-Steagall days. The Dean Witter merger was . . . well, the less said about that, the better; now their attempt to diversify into the Savings and Loan business has met a similar fate. Stand by for corporate retreats in which highly paid management consultants are brought in to lecture the executives about core competencies.
Copyright © 2009 by The Atlantic Monthly Group. All rights reserved.
why do you even bother? given your insight, we should have been seeing banks/brokers reporting 'blow-out' quarters because they've already taken maximum write-downs to 'get it out of the way'...
please, remember, there's always 877-RENT-A-CLU.
http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=banks+bankrupt