Taking Stock: New York Stock Exchange Works to Repair Its Image

US Banker, December, 2003 by Lee Conrad

John Reed has proposed sweeping changes to the New York Stock Exchange in his role as interim chairman, yet one question lingers: is it enough to repair the image of the 211-year-old organization? In the wake of Richard Grasso's resignation, and in the midst of investigations into the floor specialists, the exchange badly needs an image boost to maintain its prestige. Exchange officials expect a full recovery. "The brand is one of the strongest in world," says Bob Zito, evp of communications. He notes there have been past periods of criticism, but the image of the NYSE has proven resilient.

The 1,366 seat holders of the exchange are scheduled to vote on Reed's proposal Nov. 18. If a simple majority votes in favor, it goes to the Securities and Exchange Commission for...