There’s Still a Lot of Life Left in These Old Economy Companies

David Komansky, chairman and CEO of Merrill Lynch & Co., finds it ironic that the head of a financial services firm gets asked to lecture on the new economy these days. “Our company has been called ‘a relic from the Cro-Magnon era’,” he said during a visit to Wharton. “But because of the patterns that started in the last year, some of the virtues of the old economy companies have now become more accepted.” Komansky offers in this article five paradoxes of the new economy:
1. scale is just as important as innovation
2. in a world of endless choices, brand matters
3. in a world filled with information, relationships are critical
4. age doesn’t matter, but seizing opportunity does
5. in the new economy, the most satisfying job experiences can be found in traditional workplaces

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