Hide It or Flaunt It?
This week Morgan Stanley and Goldman Sachs Group Inc., the last two stand-alone Wall Street investment banks, went through the same regulatory metamorphosis as part of multipronged efforts to weather the ongoing financial crisis.But one of them was distinctly splashier about the change.
On Monday, the day after the Federal Reserve Board gave both firms the ability to become commercial banking companies, Goldman literally splashed the news all over the front page of its Web site.
Morgan Stanley tucked into the far right column of its site a portal to a press release announcing the change. On Thursday its home page was dominated by an ad for presentations by David Darst, its chief investment strategist, from last month's political conventions.
Lucas van Praag, a spokesman for Goldman, said it saw an opportunity to tout its transformation.
"We felt it very appropriate to make it known, clearly, that our status had changed," he said.
Goldman's site is dominated by announcements of the change. A quote from Lloyd Blankfein, its chairman and chief executive, stretched across the page: "Becoming a bank holding company is part of our tradition of quick and effective response to market conditions. Our strategy of being an adviser, financier and co-investor remains clear and unchanged."
The word "effective," in markedly bigger typeface than the others, dominates Goldman's home page.
Goldman also makes notable reference to press releases announcing that it will become the nation's fourth-largest bank holding company, and that Berkshire Hathaway Inc. will invest $5 billion in the firm.
A Morgan Stanley spokeswoman said that as a rule it does not devote large chunks of space on its home page to company news, and that it decided not to break from the norm in this case.
"We usually don't make a big splash on our site, the spokeswoman said. "It's not really part of our strategy."
Jacqueline Kane and Nina Vaca have joined the board of directors at Comerica Inc., the Dallas company said Wednesday.Ms. Kane, 56, is senior vice president of human resources and corporate affairs at the Oakland, Calif., manufacturing company Clorox Co. She joined the Comerica board's governance, compensation, and nominating committee.
Ms. Vaca, 37, is the founder and CEO of Pinnacle Technical Resources Inc., a Dallas information technology services provider. She joined the board's enterprise risk committee.
Comerica's board's now has 16 members.