in 1997
2. Key issues in the case
• Retail brokerage group never accepted as an equal partner by the rest of Morgan Stanley. Former Dean Witter employees have claimed they felt like disrespected outsiders after merger
• Retail Brokerage was not well-integrated with the rest of the company (it ran on different systems platform than the institutional brokerage side, its employee systems were not integrated)
• IT infrastructure problems ( e... displayed 300 characters
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: customer Web site
• Top brokers started to leave, profits dropped, margins lagged, nearly 1,500 brokers left the company ? as a result of a lack of investment in technology
• CEO Phillip Purcell ? focused business strategy on maximizing profits instead of generating revenue ? technology is invested in low priority ? miscalculated and mismanaging areas of business (leadership problems)
• June 2005 Phillip Purcell is resigned
• New leadership place : John Mack ? address the issue of technology in its Retail Brokerage division, renamed : Global Wealth Management Group
• October 2005 :Eileen Murray as head of Global Operations and Technology
• Improvements : Broker desktop workstations have been replaced, new systems are better integrated with backend systems (have a better view of client portfolio)
• Customer demands: upgrade its Web site for May 2006, the service available online to Morgan Stanley customers dated back to pre-2000 technology
• The firm had previously assumed that top clients weren’t interested in online services because they get the direct attention of brokers ? research by Forrester : wealthy customers actually want more hands-on control of their portfolios, and therefore want more tools and services available online
• Mack : addressing the issue ‘one-firm culture’ – repair the schism that developed after the merger with Dean Witter
3... displayed 300 characters
