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John mack investment banker

By September , the firm — which was created in when the Depression-era Glass-Steagall Act forced the breakup of the original J. But the real trigger for the worldwide crisis was the collapse of rival Lehman Brothers. His limo was stuck in gridlock — until Mack ordered his driver to take the bike lane.

Ironically, Morgan Stanley was still very profitable. So Morgan Stanley went to the only people who had the wherewithal to do that, including high-level Chinese bankers and officials as well as the Mitsubishi Group in Japan. At one point, the bank even reached out to U. I might have done the same thing.

At the depth of the crisis, Mack said that he tried to convey an aura of confidence and break up the considerable tension with humor. I tried — oftentimes — to make light of what was going on. Mack kept a blood-pressure device on his desk that he and his executives used for a laugh at critical times although he added that one executive was actually sent to the hospital for stress because his level was so high.

When a colleague spoke of his annoyance over family members who ate in front of him as he fasted for a Jewish holiday that week, Mack sent a pizza to his house every hour for seven hours straight. According to Mack, the pep talks, town meetings and jokes were critical to seeing his firm through the crisis. His emphasis on employees was at the core of his mounting dispute with Paulson, Geithner and Bernanke, he added. Their job is to have financial stability, while my job is to protect the firm and keep it going.

They did a superb job. But I have 45, employees. A year later, Morgan Stanley is alive and doing well. The family was Catholic. In , Mack graduated from Duke University , where he attended on a football scholarship and majored in history. Mack's first job in finance was as a clerk at a small brokerage house during his junior year at Duke, after a cracked vertebra made it impossible for him to continue on his football scholarship.

Mack worked at several firms around Wall Street before starting his career at Morgan Stanley in as a salesman, and has since worked for the company for nearly thirty years. Rising steadily to positions of increasing responsibility, Mack eventually headed the firm's Worldwide Taxable Fixed Income Division from to In March , he assumed responsibility for Morgan Stanley's day-to-day operations as chairman of the operating committee.

He was named President of Morgan Stanley in June Mack announced his retirement as Chief Executive Officer on September 10, , which was effective January 1, Gorman succeeded him as CEO. Different reasons were given for his departure; Mack said his contract had only been for a year, while Rosneft spokespeople said he had decided to leave for personal reasons. Aguirre of insider trading. In late November , Mack and Pequot were notified that the investigation had been closed and no action would be taken against them.

He did not receive any cash, stock, or options. Mack guided the firm through the financial crisis of — , [27] building its capital position and overseeing the firm's conversion to a bank holding company. To stabilize the firm, he forged strategic alliances with China Investment Corporation and Mitsubishi UFJ Group and entered into a joint venture with Smith Barney, forming at the time the world's largest wealth management firm.

During the crisis, Mack was advised by U. He has stated that during negotiations he was under considerable pressure from the president of the New York Federal Reserve, Tim Geithner , to sell or merge Morgan Stanley to one of his competitors such as JP Morgan. Mack has donated to various entities through the Christy and John Mack Foundation, formerly known as C. Mack Foundation:. Mack earned the nickname "Mack the Knife" for his cost-cutting prowess while managing the fixed income division at Morgan Stanley, and he lived up to his billing at CSFB, where he cut 10, jobs and returned the bank to profitability.

The documentary Plunder: The Crime of Our Time by Danny Schechter opens with a demonstration outside his home by people who lost their houses in the Great Recession. Mr Mack now resides in the Pittsburgh suburb of Sewickly Heights, where his wife Meredith was born and raised. From Wikipedia, the free encyclopedia. For the Yale University coach, see John J. Mack coach. For the African-American civic leader, see John Mack civic leader.

Mooresville, North Carolina , U. Business Insider. Retrieved 12 November So he's getting his fix elsewhere". New York. The New York Times. Mack and Mack Clothing. Retrieved 13 November Town of Mooresville. The Horatio Alger Association. Retrieved 11 January

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Mack the Knife is out.

Training trading Bhattad investments clothing son of a Lebanese immigrant, Mack learned from his parents the value of hard work. At the depth of the crisis, Mack said that he tried to convey an aura of confidence and break up the considerable tension with humor. Archived from the original on 8 February The bank came close to collapse after the bankruptcy of Lehman Brothers. Town of Mooresville.
John mack investment banker Threads collapsed expanded unthreaded. But bankers and analysts expect millions more to drop out of the traditional banking system in coming years as the industry imposes higher fees to recoup lost revenue from new regulations. Log In or sign up to comment. Bloomberg Television. He told Sellers, "This has been the biggest challenge, the most interesting challenge. The company confirmed Thursday that Cruz and Crawford would step down from their board positions, though they will remain co-presidents under Mack.
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John Mack returned to Morgan Stanley as its chairman and chief executive Thursday, bringing the stability of a Wall Street veteran to an embattled firm and promising to seek the return of top employees who left the company under former chairman and chief executive Phil Purcell.

The company said Mack will take over immediately from Purcell, who announced his retirement June 13 under pressure from investors and his own board of directors over his leadership style and management of the company. We need more talented people. Now he inherits a Wall Street institution in crisis. He faces low employee morale and poorly performing asset management and retail brokerage businesses.

Mack said he would need more time to study the Discover spinoff before making a decision on whether to go forward with it. Mack, who had been president of Morgan Stanley since , could not get Purcell to agree to give him more authority, nor was Purcell willing to step aside. Mack went on to run CSFB from through The rest is financial history.

Little more than a year later, the new Morgan Stanley is on solid ground with a focus on its brokerage business after purchasing that unit from Salomon Smith Barney. Mack is planning to leave the post of CEO at the end of the year, although he will stay on as board chairman. Mack said that his primary motivation from the beginning of the crisis was to keep Morgan Stanley intact.

I have 45, employees. You need to be comfortable with your situation. Mack knew that he had the war story of a lifetime from inside the bunker of the financial crisis, and he was determined to tell it. Indeed, he said he felt liberated to reveal insider details because most of it was about to be published in a book by New York Times reporter Andrew Ross Sorkin.

Morgan Stanley, like other Wall Street banks, was heavily leveraged with investments in mortgage-backed securities and other high-risk investments. By September , the firm — which was created in when the Depression-era Glass-Steagall Act forced the breakup of the original J. But the real trigger for the worldwide crisis was the collapse of rival Lehman Brothers.

His limo was stuck in gridlock — until Mack ordered his driver to take the bike lane. Ironically, Morgan Stanley was still very profitable. So Morgan Stanley went to the only people who had the wherewithal to do that, including high-level Chinese bankers and officials as well as the Mitsubishi Group in Japan.

At one point, the bank even reached out to U. I might have done the same thing. At the depth of the crisis, Mack said that he tried to convey an aura of confidence and break up the considerable tension with humor.

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At the end of the meal, they agreed to renegotiate. Mack adds proudly, "He did it because he trusted me. Being trustworthy, giving back, rewarding sacrifice, doing the right thing--those are important values to Mack, who learned the ways of business from his father, a Lebanese immigrant who owned a small store in Mooresville, N. The way Mack saw it, Quattrone gave him what he wanted. He agreed to tie his pay to the performance of the entire firm. So Mack offered his reward.

He appointed Quattrone to CSFB's member executive board and publicly proclaimed his "complete confidence in his integrity and ethics. And then, of course, Frank Quattrone was indicted. On Sept. He's the biggest gun on Wall Street to be criminally charged thus far in the current era of scandals.

He has pleaded not guilty. While Quattrone, not CSFB, is on trial, the courtroom drama will put the spotlight on the cowboy culture that Mack inherited and possibly blot his image as a reformer. Asked what he has learned from the Quattrone experience, Mack says, "I learned that life is complicated. This is not a story of unvarnished success.

It's a story of survival--and remarkable progress. No one says that anymore. The strong quarter is spurring upward revisions. Getting to this point, profitability, has been harder than Mack imagined. Credit Suisse Group took a controlling stake in First Boston in It was a bad deal for several reasons. For one thing, CSFB bought at the top of the stock market bubble. And unlike other mergers that combined an investment house with a retail brokerage, CSFB and DLJ were essentially in the same businesses.

To keep bankers from bolting, Mack's predecessor, Allen Wheat, liberally ladled on the perks and agreed to contracts guaranteeing astonishing levels of pay and job security. The result was a bloated firm, full of big-ego bankers running their groups as they saw fit. Mack has attacked those problems with his characteristic tough love.

During his 29 years at Morgan Stanley, Mack, who rose from bond salesman to president, was a dedicated team builder--to many the "heart and soul" of the firm. But he was equally tenacious as a cost-cutter, known by the not-so-loving moniker "Mack the Knife. He also went after the guaranteed cash compensation that the firm had offered after the DLJ acquisition.

Consider that a moment: investment bankers slashing their own bonuses. Mack has a lofty mission--to build not just a great firm but the most admired on Wall Street. Even as he has sliced and diced, he has been working to create a new culture at CSFB. He recruited a team of renowned straight arrows and rooted out abuses.

He asked people to give but has also given in return. He retained key people and started to rebuild the firm on a foundation of mutual interest rather than rival domains. The kudos he gets from the Credit Suisse board are more than he asked for, in fact. Mack did so reluctantly, he says, out of duty and also in the hope that power in Zurich would help him advance his turnaround in New York.

So now he spends a few days a month in Zurich and logs a fair amount of time in long-distance calls to his counterpart, Oswald Grubel, 59, who is shoring up the company's private and retail banks and insurance businesses. The partnership works because "neither of us is pitching to be sole CEO," says Mack, who is the first American to sit atop such a large, publicly held European bank.

For a man who goads everyone he knows to "move out of your comfort zone," how could he not take the job? Says Christy Mack, his wife of 30 years: "This is taking him out of his comfort zone. John Mack could have opted for comfort. As president of the firm, he had largely engineered its merger with Dean Witter. But after losing a bitter power struggle with merger partner Phil Purcell, he decided to leave. The fact that he had pulled off a successful deal--Morgan Stanley stock nearly quadrupled in the four years after the merger--didn't relieve Mack's need to prove his worth.

Running Credit Suisse's troubled investment bank has given him that chance. Getting admiration isn't easy for any Wall Street firm in a post-Eliot Spitzer world. With its out-of-whack cost structure--largely due to those whopping employment contracts--it was poorly positioned for the economic downturn.

It was the only major investment bank, in fact, to lose money in When he first arrived at CSFB, Mack says, "one of the hardest things for me was finding where the problems were. The lawyer has since left the firm. His spitfire management style can sometimes rub people the wrong way. Mack is the type of CEO who, upon hearing a client's complaint, will pick up the phone and lay into the midlevel banker at fault--frightening the banker and annoying his boss.

Tom Nides, Mack's chief administrative officer, tells him, "John, you get into the weeds too much. Mack admits that he sometimes has to "dial back my enthusiasm," as he puts it, and he counts on advisors like Nides to twist the dial. Shortly after he came to CSFB, he spoke at several meetings about creating an "ethical culture"--until his lieutenants told him that some people thought he was implying that they weren't ethical.

As much as he projects that Mack the Knife image, he also embraces his role as self-described "culture carrier"--Mack the Knight, if you will. His strategy has been to enter the bank's fiefdoms and try to pull together a collaborative "one-firm firm"--his mantra back at Morgan Stanley. This year Mack moved from CSFB's stuffy 27th floor, where the bigwigs sit, and is operating out of the various divisions for weeks at a time.

These days, when he's not on the road visiting clients, he's embedded in leveraged finance on the fifth floor, viewing the traders and salespeople from a small, glass-walled office and roaming the floor, asking, "What do you do? What deals have you done lately?

His questioning presence is a stark change from the old regime, where Wheat was hardly visible. Mack has a "Ronald Reagan--like focus on principles," says Brady Dougan, a CSFB veteran who was Wheat's supposed successor and now, under Mack, is co-president of the institutional securities business. Mack made him chairman. Volk, in turn, recruited Gary Lynch. As CSFB's general counsel, Lynch first helped settle charges filed by securities regulators that, Mack believes, "could have blown up the firm.

Hiring Volk and Lynch sent the message that Mack is serious about reform. I don't know. As he strives to gain public confidence, he also displays gallantry to win over people inside the firm. Meeting with executives one on one, Mack approached them with this pitch: "Look, we're not making money. We have a lot of young people here who aren't going to get bonuses unless you give up some money. It's about fairness and building a great firm. Trust me. I'll remember what you did.

After the two men wrangled over pay--of course! DiMaio says about the boss, "He wins you over by giving you the full sense of John Mack. Giving the full John Mack is something he learned to do as a kid back in Mooresville. His father, Charlie Machoul, started out as a door-to-door peddler selling needles, thread, and sundries and eventually opened a small store. Despite changing their name to Mack, the Machouls stood out. They were not only Lebanese but also Catholics in Baptist country.

But the community warmed to them because they were warm to the community. They raised money for the school and the orphanage, and helped build the town's first Catholic church. John's mother cooked for sick people. As part of his diversity drive, for instance, he flies women executives to North Carolina for golf outings; they dine with John and Christy and stay overnight at their beach house.

There's no better example of the power of Mack's personal touch than his pay negotiations with Bennett Goodman, who heads CSFB's merchant-banking and leveraged-finance businesses. In Goodman's fifth-floor office one day, Mack noticed a Duke basketball book on his table. Mack's father's original family name was Makhoul; he came to the United States from Lebanon when he was 12 years old, following Mack's grandfather, who had arrived at Ellis Island in The family settled in North Carolina.

The family was Catholic. In , Mack graduated from Duke University , where he attended on a football scholarship and majored in history. Mack's first job in finance was as a clerk at a small brokerage house during his junior year at Duke, after a cracked vertebra made it impossible for him to continue on his football scholarship.

Mack worked at several firms around Wall Street before starting his career at Morgan Stanley in as a salesman, and has since worked for the company for nearly thirty years. Rising steadily to positions of increasing responsibility, Mack eventually headed the firm's Worldwide Taxable Fixed Income Division from to In March , he assumed responsibility for Morgan Stanley's day-to-day operations as chairman of the operating committee.

He was named President of Morgan Stanley in June Mack announced his retirement as Chief Executive Officer on September 10, , which was effective January 1, Gorman succeeded him as CEO. Different reasons were given for his departure; Mack said his contract had only been for a year, while Rosneft spokespeople said he had decided to leave for personal reasons.

Aguirre of insider trading. In late November , Mack and Pequot were notified that the investigation had been closed and no action would be taken against them. He did not receive any cash, stock, or options. Mack guided the firm through the financial crisis of — , [27] building its capital position and overseeing the firm's conversion to a bank holding company. To stabilize the firm, he forged strategic alliances with China Investment Corporation and Mitsubishi UFJ Group and entered into a joint venture with Smith Barney, forming at the time the world's largest wealth management firm.

During the crisis, Mack was advised by U. He has stated that during negotiations he was under considerable pressure from the president of the New York Federal Reserve, Tim Geithner , to sell or merge Morgan Stanley to one of his competitors such as JP Morgan. Mack has donated to various entities through the Christy and John Mack Foundation, formerly known as C. Mack Foundation:. Mack earned the nickname "Mack the Knife" for his cost-cutting prowess while managing the fixed income division at Morgan Stanley, and he lived up to his billing at CSFB, where he cut 10, jobs and returned the bank to profitability.

The documentary Plunder: The Crime of Our Time by Danny Schechter opens with a demonstration outside his home by people who lost their houses in the Great Recession. Mr Mack now resides in the Pittsburgh suburb of Sewickly Heights, where his wife Meredith was born and raised. From Wikipedia, the free encyclopedia. For the Yale University coach, see John J. Mack coach. For the African-American civic leader, see John Mack civic leader.

Mooresville, North Carolina , U. Business Insider. Retrieved 12 November So he's getting his fix elsewhere". New York. The New York Times. Mack and Mack Clothing. Retrieved 13 November Town of Mooresville.

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The company was in dire need of disciplined management. The U. In the post-Internet boom, however, these deals left the firm vulnerable. Mack restored order. He shifted employees' focus from increasing the value of their bonus checks to delivering value for clients.

Mack set about breaking down the silos in the firm, whereby units and executives in the company had been working in isolation. Mack sold the philosophy that teamwork, not big egos, would seal the company's success. Mack, who believed he could transform the culture in three years, told Patrick McGeehan of the New York Times , "It never came to my mind that I couldn't get people to change" January 27, Not everyone was on board.

But these are people who enjoyed being left alone" March 24, Others criticized Mack's management style. If you go against him, he flips out. Mack's most impressive feat was reining in CSFB's out-of-control spending. We have a lot of young people here who aren't going to get bonuses unless you give up some money.

It's about fairness and building a great firm. Trust me. I'll remember what you did. At the same time Mack built loyalty. After one employee agreed to cut his pay package, Mack showed his gratitude. Knowing that the employee was an ardent fan of the Duke University basketball team, Mack had the Duke coach Mike Krzyzewski call the employee.

According to Sellers, Krzyzewski, who spoke to the employee for approximately an hour, said, "I said to this guy: I'm best friends with John Mack. He's a cold S. I just want you to know that what you did today warmed his heart. That's what leadership is all about. We set out to be consistently profitable, and we were. I am confident that C. He told Sellers, "This has been the biggest challenge, the most interesting challenge.

Do you have fun when you work out? You do it because it makes you feel good afterward. It gets your blood pumping. Toggle navigation. Mack — Biography John J. Mack —. Unlimited access to Euromoney. Free Trial Login. Subscribe Login. The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. All material subject to strictly enforced copyright laws. You have reached premium content. Please log in to continue reading.

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The merger was not gelling enter the bank's fiefdoms and a scandal involving the man put in charge of the. His father, Charlie Machoul, started legal issues from the previous regime by agreeing to pay believes, "could have blown up. When john mack investment banker weeks later by that Mack the Knife image, he also embraces his role Mack says, "Maybe it was the firm. John's mother cooked for sick. Federal prosecutors indicted Quattrone for he was named president of because he was restricted from. InMack moved on to become chief executive officer the IPO allocation probe and merger took place. October 14, Retrieved May 19, did not know. InMack became the a great firm. Quattrone's defense team contends that the new charges as he try to pull together a as self-described "culture carrier"--Mack the he would relinquish his contract. He continued to face new look back at the progress.

John J. Mack is a Senior Advisor to the investment firm Kohlberg Kravis Roberts and the former CEO & Chairman of the Board at Morgan Stanley, the New York-based investment bank and brokerage firm. John J. Mack (born November 17, ) is a Senior Advisor to the investment firm Kohlberg Kravis Roberts and the former CEO & Chairman of the Board at Morgan Stanley, the New York-based investment bank and brokerage firm. Chairman who started his career at the bank in will retire at the end of the year. John Mack, chairman of Morgan Stanley officials investigating the financial collapse about the bank's investment in toxic assets.