Spring Break
Zoe Cruz Delivers Remarks at Alma Mater: Discusses Success, Adversity and Change at Morgan Stanley
Youmna Salameh (OA), Contributing writer
Issue date: 11/14/05 Section: News
Cruz believes that recent trends have added to the appeal of a career in a more established financial institution. For one thing, whereas in the past investment banks played a relatively narrow advisory role to clients, the 1999 repeal of the Glass-Steagall Act dramatically increased the breadth of opportunities available to banking professionals. In addition, increased commoditization and compression of product life cycles have made innovation and a broad understanding of the field particularly critical. In addition, Cruz cites a "huge mega-trend towards globalization that has made the friction of the movement of capital close to zero." Taken together, these developments have translated into greater mobility and virtually limitless possibilities for industry professionals.
Morgan Stanley may be in a better position than ever to ride this wave, having undergone significant internal changes, including the integration of Morgan Stanley and Dean Witter, in the last several months. Cruz notes that while some perhaps wish that changes had been slower-paced and less sensationalized by the press, "change is good, and any institution that doesn't evolve is destined to die. And with vaunted CEO Mack back at the helm, Morgan Stanley has once again "become a vibrant place, starting to exude the old confidence it had."
Whether contemplating a career at Morgan Stanley or elsewhere, however, Cruz urges career-seekers to keep in mind her definition of success, "To me success is defined by how happy a human being you are."
Morgan Stanley may be in a better position than ever to ride this wave, having undergone significant internal changes, including the integration of Morgan Stanley and Dean Witter, in the last several months. Cruz notes that while some perhaps wish that changes had been slower-paced and less sensationalized by the press, "change is good, and any institution that doesn't evolve is destined to die. And with vaunted CEO Mack back at the helm, Morgan Stanley has once again "become a vibrant place, starting to exude the old confidence it had."
Whether contemplating a career at Morgan Stanley or elsewhere, however, Cruz urges career-seekers to keep in mind her definition of success, "To me success is defined by how happy a human being you are."
