Morgan Stanley Says Employee Lives Lost From Terrorist Attack Will Be Less Than 40; Nearly 3,700 From World Trade Center Have Been Safely Accounted For

Business Wire, Sept 13, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 13, 2001

Morgan Stanley (NYSE:MWD) announced today that the number of employees who may have lost their lives in the World Trade Center terrorist attack on Tuesday is less than 40.

Since the tragedy occurred, the firm has made an all-out effort to reach the approximately 3,700 employees who worked at Number Two and Number Five World Trade Center in the offices of Morgan Stanley's individual investor and asset management groups. Today the firm announced that there are no confirmed deaths, but between 30 and 40 people are still unaccounted for.

Philip J. Purcell, chairman and CEO of Morgan Stanley said: "Even several days later it is difficult to comprehend this senseless atrocity. The loss of just a single life is too many. But when you consider the incredible destruction that occurred, the loss of fewer than 40 of our people out of the 3,700 who worked there is a near miracle. We have heard countless stories of great courage and compassion. If it weren't for the heroism of a number of people, the toll would have been much higher."

"Despite this tragedy, our firm has much to be grateful for. We feel very fortunate in the generosity and friendship that has been shown us the past several days. Literally thousands of individuals and hundreds of companies have come forward to offer support, resources, space and help in other ways. And we will certainly do the same--we are going to be there for those less fortunate than we are," Purcell said.

Tracking down and reaching nearly 3,700 employees who were left without offices on Tuesday was made possible by the round-the-clock efforts of the people at the Discover Card call centers who fielded more than 50,000 calls from people giving or seeking information on loved ones.

Mr. Purcell said that Morgan Stanley is ready to serve all of its clients in financial markets around the world. The firm has been relocating the offices and many of the employees who formerly worked in the World Trade Center to sites in Manhattan, New Jersey, and Brooklyn. He said that all systems are intact and operational, assets are safe, and that the firm is open for business as markets in the U.S. resume operation. Morgan Stanley is a global firm that has continued full operations in markets outside the U.S.

Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. With more than 700 offices in 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.