president, who began his career on the bench in 1972 will retire at the end of the year
Mack the Knife was released. Morgan Stanley announced that its Hot-Shot CEO John Mack, will retire at the end of the year, ending a controversial reign at the top of one of the most famous banks on Wall Street.
Mack, 66, the sixth son of Lebanese immigrants, is a Wall Street legend who began his career as a salesman at Morgan Stanley in 1972 and became president in 1997. He earned his nickname after a savage round of cost reduction achieved when the Fixed Income division of Morgan Stanley.
In 2001 he was ousted after a boardroom coup, and became CEO of Credit Suisse First Boston. The knife has also worked at CSFB, cut 10,000 jobs. Mack returned to Morgan Stanley in 2005, replacing Phil Purcell, the man who had deposited in a power struggle.
Mack received a standing ovation when he returned to shore. He worked to strengthen Morgan Stanley Department of Commerce, but also increase the risk of the bank before the financial crisis of 2008.
last year asked the government officials investigating the collapse of financial system assets investment bank. "We ate our own food and choked on it," said Mack. "We have held positions and did not work."
Mack has been president since early 2010. Are expected to keep more advisory role and is working on a book about his years on Wall Street, to be published in September. Will be replaced by James Gorman, the executive director. Gorman has also earned a nickname in the bank, even a little less glamorous. The Bank's chief mistake apparently shortened his name as James is known as "do not call me Jim" Gorman.
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