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Article: Morgan Stanley reels after leader's exit; Exodus hurts investment bank; falloff in underwriting, M&A.(investment bank head John Mack is leaving for Credit Suisse First Boston)(Brief Article)
- Article from:
- Crain's New York Business
- Article date:
- April 29, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. 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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A year ago, Morgan Stanley Chief Executive Philip Purcell acknowledged the loss his company was about to suffer.
``John is going to leave a very big hole,'' said Mr. Purcell, referring to John Mack, Morgan Stanley's president and longtime head of investment banking, who had just announced that he planned to take the top job at Credit Suisse First Boston.
A year later, the hole is still growing.
Manhattan-based Morgan Stanley is reeling from the loss of Mr. Mack, whose departure sparked an exodus of other employees. In the past year, the firm has stumbled in nearly every area of investment banking, particularly in the most profitable spots, where ...