He focused the business strategy on maximizing profits instead of generating revenue. The implementation of this strategy involved cutting cost. Thus, investing in technology was obviously a low priority (mismanaging the areas of business).
- Morgan Stanley has been focusing more on its wealthiest clients than on the rank-and-file small investors...
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The firm is wrongly assumed that these top clients werenât interested in online services because they get direct attention from brokers (whereas investors with portfolios under $100,000 must deal with call centers).
2. The merger with Dean Witter disruptive because the unification of Morgan Stanley and Dean Witter created digital, cultural, and philosophical divide is difficult to overcome...