David Sidwell
David Sidwell
direction point steps work
We have many steps in the right direction to point to. And of course, we still have more work to do.
despite firm great morgan stanley
Morgan Stanley had a great quarter. This was accomplished despite everything the firm has been through.
conditions improved lower market reasons recent risk trend
We bucked the recent trend of lower second-half results. We see two reasons for that: improved market conditions and improved risk efficiency.
average biggest business challenges expenses fair focus higher including legal market matters share talent
This business had its fair share of challenges in 2005 including significant expenses from legal and regulatory matters and higher than average (financial adviser) turnover. The very competitive market for brokers and the focus on our talent has been our biggest challenge this year.
above average billion income past record repeat results sales third
In fixed-income sales and trading, we did not repeat third quarter's record but $1.6 billion in revenues. But it was a record fourth-quarter total, about 70% above our average fourth-quarter results over the past two years.