He was part of the famous Wall Street "Gang of Eight" involved in the ousting of former Morgan Stanley CEO Philip J. Purcell.
Originally, this phone number was just for Morgan Stanley employees to confirm their safety, but after being advertised on the firm's Times Square building and televised nationally, it became the main call center of the crisis.
[5] According to CNN, Scott said that Morgan Stanley employees knew how to respond to the crisis, having prepared emergency plans after the 1993 bombing at the World Trade Center.
[6] Part of Scott's leadership in diversity at Morgan Stanley included efforts to promote diversity in his larger society, including Morgan Stanley's sponsorship of a Smithsonian exhibit commemorating the 50th anniversary of the Brown v. Board of Education decision and a series of educational programs for middle and high school students at the American Museum of Natural History about the Supreme Court decision.
However, the merger had allegedly not been smooth, and cultural and financial stylistic differences between the two firms led to plenty of tension between key executives.
Later critics have noted that the leadership change may have harmed Morgan Stanley in the face of the 2008 financial crisis, because Purcell may have been one of the people at the firm who would have avoided the danger of subprime mortgages.