he joined morgan stanley in 1962 and became a partner in 1970. in 1972, he created and directed its mergers and acquisitions department, the first of its kind on wall street, during which time he was credited with inventing the modern investment banking analyst program. in the 1980s, he sat on its management committee. from january 1989 to january 1999, he served as its vice chairman, and from january 1991 to june 1993, as its president. from 1993 to 1996, he served as chairman and chief executive officer of smith barney. he also served on the board of directors of the travelers companies during that time.