mber one in the study than any other firm on Wall Street.
             A financially solid firm, Morgan Stanley Dean Witter is very well capitalized and has posted sound and stable operating results throughout our history.
             Morgan Stanley Dean Witter & Co. common stock is traded on the New York Stock Exchange and on the Pacific Stock Exchange (symbol MWD).
             It's known throughout the business world that certain long-term trends in the financial services marketplace, very evident this past year, will continue to create challenges and opportunities. These trends are increasingly volatility, globalization, complexity, and consolidation. With its mission to be the world's preeminent financial services company, Morgan Stanley Dean Witter's strategy has been built to take full advantage of these forces of change. And they believe that their performance this past year demonstrates the success of their strategy. Volatile markets equally impact all financial services firms. The question is how well they handle it. Dean Witter believes that there are two ways: diversity of revenues and effective risk management.
             The organization structure of Dean Witter is broken down by divisions. According to the organization chart in the appendix, the top three divisions are Securities, Investment Management, and Credit Services & Electronic Brokerage. Underneath each of these is the subdivisions. For example, Securities and Investment Management are divided into Institutional and Individual sectors. I do not see many different levels of management, other than the top three, which means that there is more span of control. If the company had more top levels with subdivisions, each would have less to control.
             For their firm, innovation and the application of new technology to financial challenges have been hallmarks of their success. Whether in mergers or acquisitions, the use of derivatives to hedge risk, new high-yield or asset-backed se...