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Morgan Stanley says miraculous number o…</A>
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Thursday September 13, 7:37 pm Eastern Time

Morgan Stanley says miraculous number of staff alive

(UPDATE: Adds details, executive quotes)

By Brian Kelleher
NEW YORK, Sept 13 (Reuters) - Investment bank Morgan Stanley (NYSE:MWD - news
), the World Trade Center's largest tenant with 3,700 employees, said on
Thursday a remarkably high number of its staff escaped Tuesday's vicious air
attack that pulverized the twin towers.

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Morgan Stanley Dean Witter & Co., which occupied 25 floors in the complex,
was only missing 15 employees, a high-ranking official said. The firm, which
had 3,700 employees in the complex, had earlier said between 30 and 40
workers were unaccounted for.
``It's a miracle,'' Chief Executive Philip Purcell told reporters Thursday
evening.
The firm had emergency plans that were sharpened in the wake of the 1993
World Trade Center bombing, and President Bob Scott said Morgan Stanley's
staff knew exactly what to do.
``I would describe it as a collective reflex,'' Scott said. Morgan Stanley
had offices between floors 44 and 74 in Two World Trade Center, the second
building struck by a hijacked commercial plane on Tuesday.
The news is in stark contrast to the grim story of bond trading firm Cantor
Fitzgerald.
Cantor's offices, which held 1,000 employees, were on floors 101 and 103
through 105 in the World Trade Center's 110-story north tower. The company
has issued a preliminary list of 320 workers it has accounted for but its
chief executive said in a TV interview Thursday he is unaware of anyone who
escaped from their World Trade Center offices.
Two hijacked commercial planes slammed into the twin towers Tuesday morning,
eventually causing them to collapse and creating chaos in the downtown
financial district.
In a tearful interview on ABC-TV, Cantor Fitzgerald Chief Executive Howard
Lutnick said he wasn't in the office on Tuesday because he was bringing his
son to his first day of kindergarten.
``My view of business is different,'' Lutnick said. ``I need to try to be
successful in business so I can take care of ... 700 families who are
dreaming to find someone,'' referring to the families of the employees feared
dead.
MORGAN STANLEY EXECUTIVES' TOP PRIORITY IS ITS PEOPLE
Purcell's top priority has been the firm's employees since he and other top
executives hastily abandoned a Tuesday morning meeting to watch the tragic
events unfold.
``I went to the window in my office, because you can see World Trade 1 and
2,'' he said. The second plane attack stunned him.
``I said 'My God, I hope they're out'.''
Workers at Morgan Stanley's Discover credit card unit call centers fielded
about 50,000 calls from people looking for or offering information on the
firm's employees.
Morgan Stanley's operations at the World Trade Center, which processed trades
and maintained account data for its retail brokerage accounts, will largely
be moved to a contingency site in lower Manhattan, executives said.
New York City officials allowed the other facility to operate with a skeleton
crew on Thursday and Morgan Stanley expects a full crew of 400 people to be
working there on Friday.
``Morgan Stanley is open for business,'' Purcell said.
U.S. bond markets reopened on Thursday morning, while national stock markets
closed for the third day in a row. U.S. stock markets will open on Monday at
9:30 a.m. EDT (1330 GMT), according to Richard Grasso, chairman of the New
York Stock Exchange.
Exchanges and firms will start running tests of their systems on Saturday
morning.
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More Quotes and News:   Morgan Stanley Dean Witter & Co (NYSE:MWD - news)
Related News Categories: banking, US Market News
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