The Westchester Journal News covers the Morgan Stanley "turnaround"**, and the significance of the Westchester office (besides its convenient geographic proximity to John Mack's house in Rye):
As the company looks to gain ground, Morgan Stanley's 725,000-square-foot complex in Harrison will play an important role. One function for the site is to serve as a backup facility in the event of a blackout, terrorist attack or other emergency affecting the company's Manhattan operations. Morgan Stanley's move into the building fit the pattern of financial services firms that fine-tuned emergency planning after the attacks on Sept. 11, 2001.
The site, which employs about 1,500 people, also is the headquarters for the company's global wealth management division, which oversees retail brokerage and private wealth management for individual investors. The 107-acre site, once the corporate headquarters of Texaco, also includes a conference center and trading floor for commodities and fixed-income products.
Well, we suppose the suburbanization of Morgan Stanley goes hand-in-hand with the retail-ization and Merrill-ization.
** It's like watching paint dry.
John Mack Is Hoping to Turn Around Morgan Stanley [JournalNews]