A silo is a dangerous place to be on Wall Street these days. New Morgan Stanley boss Ted Pick is the industry’s latest leader to tout a silo-busting mindset to get his roughly 80,000 employees to work better together. Pick is hoping investment bankers will refer millionaire clients to a financial adviser, while employees working on a company’s stock plan can put in a letter good word for Morgan Stanley to win an M&A deal.
First, it is harder to grow mature businesses like investment banking and trading where market share has become increasingly concentrated and secular tailwinds are harder to come by. Goldman has said repeatedly that its OneGS initiative has helped it gain market share, overtaking Morgan Stanley in equities trading and strengthening its spot as Wall Street’s leading M&A adviser.
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