Business Services Industry

Global focus gives banker more efficient outcomes.

Australasian Business Intelligence, February, 2002

Feb 27, 2002 (The Australian Financial Review

ABIX via COMTEX) -- Investment banking conglomerates are increasingly using clients' balance sheets to win new business. The head of Morgan Stanley Australia, Steve Harker, claims it is a form of blackmail. He says that the banks are, in fact, telling clients that unless they get the investment banking work, it will affect outstanding loans. Morgan Stanley's former chairman, David Gonski, says the collapse of US energy trader, Enron, has turned attention to relationships between bankers and clients and potential conflicts of interest. Morgan Stanley has a reputation for hiring only the best and Harker believes it has a better relationship with its global network than other investment banks in Australia. Its...

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