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Article: Return of the Mack? LEGENDARY JOHN MACK 'THE KNIFE' MAY BE GOING BACK TO SORT OUT MORGAN STANLEY, THE WALL STREET BANK HE LOVES.
- Article from:
- The Evening Standard (London, England)
- Article date:
- June 29, 2005
CopyrightCOPYRIGHT 2005 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: CHRIS BLACKHURST
WHEN he was head of Credit Suisse First Boston, John Mack achieved the impossible: he persuaded hundreds of the investment bank's executives to take pay cuts.
In one-to one-sessions he said: "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." Trust him they did. Mack managed to talk them into giving up $421 million ([pounds sterling]241 million) in guaranteed pay (to be fair to them, he was not always so polite - one banker recalled being called in and told by ...