[quote=Rugby]

NASD Newbie-

You seem to be a seasoned vet with alot of well thougt opinions.

Care to give your 2006 year end DOW prediction?

[quote=tivo][quote=Incredible Hulk]MS #1?

Recap: Blackrock apparently did not think that MS was better than Merrill; Discover seems to be the best part of their business (judged by large investors wanting it spun off to release its real value); I had another solid point but it escapes me... In any case, Morgan may one day be #1, but only if they continue to take the rest of ML's management and brokers... seems unlikely to me. But then they would just be ML in MS clothing.[/quote]

There is not doubt in my mind that current management is part of the problem.  Not all, but many branch managers, the real bad ones were let go and some went into production with the recent restructing. Its always a story with the old guard, us againist them (old MS vs MSDW). They need to re-tool the whole company and structure.  It can be done, keep in mind that we don't have a permanent National Sales Manager.  I heard Gorman say that he was acting head of GWM.

I agree with much of this, but my understanding is that Gorman is not temporary in the national sales role. It's a permanent combination of roles.

I have seen brokerage firms turn around very quickly from sales to trading.  Whenever I have seen it done, heads roll, even BAC is not the same as it was 3 years ago (downhill, too bad so sorrry).  But major heads need to roll and only a few have gone so far from the old MSDW days.  

Now that, I disagree with. Every level about branch manager has been re-shuffled and many new faces have come over from ML. You may see some more branch manager changes, but that will be a function of the new, higher levels of management doing a wash-out of the old guard.

I have personally seen many of the old (not age but tenure with the frim) MSDW brokers resist many of the new initiatives. While many up and coming ones have steped up to the plate and have done an extrodinary job.

Most of those who took a check to move elsewhere were part of that old stocks & socks, B share loving, tranaction types. Why they'd think ML or SB would let them continue that sort of biz is beyond me. I assume they simply took a check and aren't aware/don't care that their new firm won't let them run that old game.

Like I said a complete Overhaul is required. I am seeing it first hand, but you can only do so much at a time with destroying the firm.

You need a strong management bench to do that, let see who Gorman picks to run sales and finish the job.

That team is in place. Take a look at the reshuffled regions and districts, then watch to see what changes those new managers make in levels below them. My hunch is there are plenty of people calling themselves branch managers and RVPs today that won't have that biz card much longer.

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