The results for the current quarter are compared with the results of the firstquarter of the prior year which have been recasted
The results for the current quarter are compared with the results of the firstquarter of the prior year, which have been recasted on a calendar basis due to achange in the Company`s fiscal year end from November 30th to December 31st. Business Highlights* The Firm delivered solid results in many of its businesses during the firstquarter - though these results were negatively impacted by the $1.5 billiondecrease in net revenues related to the tightening of Morgan Stanley`s creditspreads on certain of its long-term debt (MS debt-related credit spreads)4 andnet losses of $1.0 billion on investments in real estate, amidst theindustry-wide decline in this market.5* Investment banking delivered strong results - with net revenues of $0.8billion, despite the challenging market environment. Morgan Stanley ranked firstin global announced M&A in the first quarter,6 and has advised on most of themajor deals so far this year, including Pfizer/Wyeth, Merck/Schering-Plough andRio Tinto/Aluminum Corporation of China, among others. * Fixed income sales and trading delivered net revenues of $1.3 billionreflecting strong results in commodities, interest rates and credit products.4* Equity sales and trading delivered net revenues of $0.9 billion reflectinglower net revenues in derivatives and the cash businesses, including primebrokerage.4* Morgan Stanley continued to build its strategic alliance with Mitsubishi UFJFinancial Group, Inc. (MUFG) during the quarter - including announcing a newjoint venture integrating the two firms` Japanese securities businesses into thethird largest brokerage franchise in Japan.
* Global Wealth Management Group delivered solid results - with net revenues of$1.3 billion, average annualized revenue per global representative ofapproximately $630,000 and net new assets of $3 billion. Balances in the Firm`sbank deposit program increased 21 percent from the prior quarter to $47 billion.* Morgan Stanley announced during the first quarter a new joint venture, MorganStanley Smith Barney, combining its Global Wealth Management business withCitigroup`s Smith Barney unit, under Morgan Stanley`s operational control. Thisnew business, which is scheduled to launch by the end of this year`s thirdquarter or earlier, will be the industry leader in wealth management. * Asset Management experienced a pre-tax loss of $0.6 billion as losses on realestate principal investments in the Merchant Banking business were partly offsetby profitable results in the Core business.7* The Firm achieved headcount reductions of 5 percent during the quarter andlowered non-compensation expenses 9 percent from last year`s first quarter - andis on track to achieve its previously announced annual cost savings target of $2billion.John J. A browser-based solution, it uses short, context-sensitive, dynamiccustomer surveys to capture data on products, processes, staff performance, andcustomer loyalty and satisfaction levels. Providing British Gas with real-time insight intocustomer experiences helps the company respond even more quickly to specificcustomer issues and opportunities," comments David Parcell, managing director,EMEA for Verint Systems.
About Impact 360 Customer FeedbackImpact 360 Customer Feedback helps organizations solicit valuable input fromcustomers. Withour plans to extend our surveying capability to other British Gas contactcenters, we can increasingly fine-tune our efforts using more and more flexiblesurveys based on real-time customer data intelligence." "We`re delighted that British Gas turned to Verint and the Impact 360 CustomerFeedback solution to really understand its customers` thinking patterns andpurchasing preferences. "Theimpact on customer satisfaction, retention and loyalty is already clear. Through Impact 360, British Gas also gets a valuable tool forquantifying our first call resolution criteria." "We`ve found that our agents have been universally positive about our customerfeedback initiative, recognizing the technology as a supportive solution thatcan succeed in optimizing overall service delivery," adds Matt Baker. "Using Impact 360 Customer Feedback means our agents can retrievesurveys and their associated results rapidly, allowing them to respond quicklyto specific service concerns and deliver a consistently high standard of serviceexcellence.
"Our goal was to understand each customer`s experience and gather valuableinsight into current customer thinking. We also leverage the technology tovalidate our broader goals for customer retention, loyalty, and the promotion ofour products and services," comments Matt Baker, customer experience manager,British Gas. British Gas selectedthe software from Verint Witness Actionable Solutions because it wasparticularly easy for its customer service teams to create, tailor and amendsurveys - helping the company ensure real-time customer responses to currentcampaigns and issues, including energy-saving promotions, tariff changes andother product initiatives. This proactive feedback initiative is part of BritishGas` overall strategy to improve its customers` experiences, and plays a keyrole in enhancing customer loyalty and the way the company markets its productsand services. British Gas leverages the customer survey software to capture real-time feedbackfrom customers calling into its primary contact center located in Cardiff.Capturing and analyzing up to 6,000 customer surveys each week, the solutiondelivers results to agents and appropriate management within just 10 minutes ofa customer call ending.
The Cubs were then offering Sean Gallagher and Ronny Cedeno.Baltimore wasn't biting.By the time Spring Training was closing out, Jim Hendry acknowledged that the Roberts deal was dead. today announced that British Gas, UK`s leading energysupplier, has implemented the Impact 360® Customer Feedback software fromVerint® Witness Actionable Solutions® and achieved measurable results. Theimplementation further extends the company`s use of Verint technology, whichincludes the Impact 360 Recording solution. This meant the Cubs would have to do with the combination of Mark DeRosa, Mike Fontenot, and Cedeno at second base.The no-trade has worked out for the Cubs.Roberts is hitting .298 this season, along with five home runs, 21 stolen bases, 30 driven in, and 49 scored. DrFirst solutions are widely integrated with practice managementand electronic medical records software through its "Open Borders" program, andthe company counts among its client base not only physician practices, but majorhealth plans, health systems, and EMR vendors. Founded in 2000, DrFirst createsinnovative services targeted to physicians in both ambulatory and acute careenvironments.