The problem is that, after the Purcell years, the idea of having someone whose background is so similar to Mr. Purcell's might not sit well with the bankers and traders generating the bulk of Morgan Stanley profits.
Between January and September, Citigroup's bond traders alone generated more than twelve and a half billion dollars in revenues — more than the bank's entire branch network in North America.
Between January and September, Citigroup's bond traders alone generated more than twelve and a half billion dollars in revenues more than the bank's entire branch network in North America.
In the giddy 1980's, he presided over a team of bond traders who generated immense profits for Salomon Brothers with arcane strategies that were dubbed "rocket science". But in a world of sharp tongues and sharper elbows, Mr. Meriwether was softly self-possessed, inspiring confidence among equals and hero-worship among underlings.
Movements in index prices often affect the level of profits traders can generate.
Simulations with stock indexes illustrate how traders can generate higher returns using the developed adaptive decision support system model.
The firm remains at the mercy of the markets and the smarts of its traders for generating asset growth as customers remain averse to allocating money to hedge funds.
But, in a textbook instance of perverse incentives, the ruling by the Second Circuit will discourage due diligence, because the less management knows about the sourcing employed by analysts and traders to generate investment ideas, the fewer people will face legal exposure.
Warren E. Buffett was sitting across from me over lunch at a private club in Midtown Manhattan last week, lamenting the current state of Wall Street, which promotes a trading culture over an investing culture and offers incentives for brokers and traders to generate fees and fast profits.
