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Morgan Stanley Corporate Headquarters Address, CEO Email Address, and Corporate Office Info
Morgan Stanley Dean Witter & Company is an investment banking and retail brokerage firm founded in 1997 by the combination of Morgan Stanley Group, Inc. and Dean Witter, Discover & Co. The organisation is organised into three core divisions: securities, asset management, and credit services. It is one of the largest retail brokerage firms in the United States, with over 450 offices nationwide. Additionally, the firm’s foreign operations are expanding, with more than 30 abroad branches.
Dean Witter, his brother Guy, and cousin Jean started the original Dean Witter brokerage company in 1924. Dean Witter & Co. was founded by the trio as a West Coast securities firm specialising in municipal and corporate bonds. They established a presence in San Francisco and bought a seat on the San Francisco Stock Exchange in 1928; the exchange was ultimately absorbed by the Pacific Stock Exchange. The corporation achieved enormous success during the 1920s bull market. Indeed, Dean Witter established a New York office and obtained a New York Stock Exchange seat in 1929.
Dean Witter survived the Depression-era shakeout of the securities industry and even profited each year during the 1930s and into the 1940s. Additionally, the corporation developed a reputation as an innovator on Wall Street. For instance, Dean Witter was one of the first securities firms to establish a programme for account executives. The company expanded swiftly during the 1950s and 1960s, eventually establishing itself as a prominent brokerage house in the United States. Dean Witter died in 1969, and Guy Witter departed the following year, handing up the CEO post to Jean Witter’s son, William M. Witter. In 1972, the firm went public with a 1.5 million share issue on the New York Stock Exchange. Dean Witter acquired InterCapital Inc., a $200 million asset management firm, in 1977.
Reynolds & Co. was founded in 1931 by family members Richard S. Reynolds Jr., Thomas F. Stanley, and Charles H. Babcock. Additionally, that company went public in the early 1970s, rebranding as Reynolds Securities. Reynolds and Witter merged in 1978, forming the greatest merger in the history of the United States securities sector. Both enterprises were market leaders, and neither had suffered a loss since their inception. Dean Witter Reynolds, the resulting corporation, was the fifth largest broker in the United States.
By the late 1970s, Sears, the world’s largest retailer, was confronting various difficulties. Its retail businesses were under increased attack from new competitors, most notably bargain merchants and premium department store chains. Similarly, the company’s well-known catalogue segment faced competition from a new breed of specialist catalogue merchants. In short, Sears’ retail approach had become outmoded, and the company was on the verge of bankruptcy. Sears experimented with a variety of remedies in an attempt to resolve its issues. For example, in the early 1980s, it decided to diversify into other industries, including financial services. To that purpose, Sears acquired Dean Witter Reynolds for around $600 million in 1981.
Sears believed that Dean Witter would lay the groundwork for a massive financial services network—the Sears Financial Services Group—that would be available to consumers through the company’s enormous retail network. The network would make it simple for Sears consumers to acquire mutual funds, stocks, and insurance, as well as to receive financing for home purchases and other purchases. Sears chose Philip J. Purcell, a strategic planner at the Sears Chicago headquarters, to lead Dean Witter. Purcell relocated to New York and assumed control of the operation from Dean Witter’s office.
Sears recognised early on that Dean Witter would require a significant transformation in the company’s approach. Rather than serving both retail and institutional customers, it would focus only on the former, the individual consumer. Purcell believed that the market will drive expansion in the financial services industry over the next decade, and that Sears had the infrastructure necessary to reach that group. As a result, the approach was rather synergistic: Sears would establish a financial services supermarket geared toward the wide middle consumer market. A combination of high foot traffic and widespread goodwill toward Sears would convince millions to trust Dean Witter and its affiliates with their money. ‘While many consumers distrust brokers, they trust Sears,’ observed John Fallon, a Dean Witter account representative, in Crain’s Chicago Business on December 14, 1987.
Numerous critics dismissed Sears’ plan as basic and deceptive. ‘Do consumers really want to shop for socks and stockings in the same location?’ they inquired. Similarly, stockholders questioned Sears’ involvement in financial services at a time when its main business was under attack by Wal-Mart and other fierce competitors. Sears responded by citing its success with Allstate, the insurance firm it founded in 1931. Sears had achieved success with that operation and sought to replicate it through expanded financial offerings. Indeed, Sears acquired Coldwell Banker, a provider of mortgage and brokerage services, in addition to Dean Witter.
Throughout the early 1980s, Sears leveraged its retail store network to establish new Dean Witter and Coldwell Banker offices in areas of the country where they were previously absent or underrepresented. Following the establishment of a headquarters in the neighbourhood Sears shop, satellite offices were established in nearby areas. During the early 1980s, Sears spent millions of dollars in the Dean Witter company, opening 280 new locations between 1981 and 1986. Indeed, in 1983, Sears stated its intention to more than treble Dean Witter’s 350-store chain and develop it as a premier securities firm for individual investors during the 1980s. Sears also established similar growth goals for Coldwell Banker.
Morgan Stanley Corporate Headquarters Address and Phone Number
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Morgan Stanley Corporate Headquarters Address
Morgan Stanley
1585 Broadway
New York, NY 10036.
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Morgan Stanley Contact Details
Morgan Stanley Headquarters Contact Details: NA
Morgan Stanley Headquarters Address: Morgan Stanley, 1585 Broadway, New York, NY 10036.
Morgan Stanley Headquarters Phone Number: +1 212 761 4000
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Morgan Stanley Headquarters Office Email ID: instfeed@morganstanley.com.
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