Word: mack
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...take a lot of risk? Yes," Mack told the shareholder. "I think the firm has the capacity to take a lot more risk than it has in the past...
What a difference a financial crisis makes. Mack has spent much of the past year putting Morgan Stanley on safer ground. He has dramatically lowered borrowing and shut down the firm's proprietary trading desk. He changed Morgan from a Wall Street dealer to a bank holding company, and more than tripled the firm's deposit base, which is a safer source of capital. And in a major break from the bank's 70-year history he de-emphasized investment banking as the driver of Morgan Stanley's profits. In June, he completed the purchase of a majority stake...
...half years ago, at Morgan Stanley's annual meeting, CEO John Mack fielded a question from a worried investor. Mack's firm had had a good 2006 and early 2007, but the questioner was concerned that much of the new profits seemed to be coming from increased borrowing and bets the bank was making with its own capital. Mack answered defiantly...
...changed investor perceptions, particularly with respect to the soundness of our financial system. In response, big financial firms are changing, but few firms have changed more than Morgan Stanley. The latest sign of Morgan's transformation came two weeks ago when the firm announced that James Gorman would replace Mack in January. Unlike Mack, and nearly every other head of Morgan Stanley, Gorman has never been an investment banker. Gorman, a former McKinsey consultant, joined Morgan three years ago from Merrill Lynch, where he had run that firm's brokerage force. At Morgan, he was in charge of revamping...
...undaunted, as Harvard dominated the field. Freshman Sammy Silva won the women’s 6k race in 22:35.43, giving her an 18-second margin of victory in her first race for the Crimson. “I think she did really well,” sophomore Jeanne Mack said. “In her first collegiate race, she came out with a bang. It was impressive, and I’m excited about her as a member of the team.” Mack led a trio of second-years—including Kailyn Kuzmuk and Nicole Cochran?...