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Morgan Stanley Rebuilding Bank Bankers Bank

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John Mack’s still shoring up the ruins of his Morgan Stanley kingdom. Today news broke that the firm had picked four new managing directors to rebuild its financial institutions group—the folks who do investment banking work for banks and insurance companies. The group had reportedly suffered serious personnel losses in the rebellion against Mack’s predecessor, Phil Purcel.
The new folks include Mike McMahon and Mike Ostow, both of whom are coming from Credit Suisse. The two Mikes have been working under Morgan Stanley defector Vikram Gandhi. Mahmoud Mamdani was brought in with hopes that his relationships can help grow Morgan’s FIG group, which currently ranks fifth on the league tables. From Merrill, the firm has picked up Maurice Marchesini—a Los Angeles guy who will concentrate on the “three hours behind New York” business.
No doubt behind these fellas will be a bunch of junior folks who will telepathically show up at Morgan Stanley reporting for duty, with no solicitation or violations of non-compete agreements from their former (and to be) bosses whatsoever.
Morgan Stanley Replenishes FIG Unit [Dow Jones Newswire in EasyBourse]