Career
Mack worked at several firms around Wall Street before starting his career at Morgan Stanley in 1972 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 1985 to 1992. In 1987, he became a member of the board of directors. In March 1992, 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 1993. Mack served as president, chief operating officer and a director of Morgan Stanley Dean Witter & Co. from May 1997 when the firm was created by the merger of Morgan Stanley and Dean Witter, two of the world's leading financial services companies. He left in 2001 after a power struggle with Phil Purcell; Purcell became CEO of Morgan Stanley after the 1997 merger of Morgan Stanley and Dean Witter, of which Purcell was already CEO. Mack took on the CEO position at Credit Suisse First Boston (CSFB) six months after that time.
He 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 10,000 jobs and returned the bank to profitability.
Mack returned to Morgan Stanley on June 30, 2005 as chief executive officer and chairman of the board, replacing Purcell. Mack was noted for stabilizing the firm and reenergizing its culture and client franchise.
Read more about this topic: John J. Mack
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