Mack’s 100 days

John Mack returned to Morgan Stanley in a blaze of glory. A hundred days later, the cheering is muted. Morgan Stanley shares haven’t budged during a period when those of Goldman Sachs, its arch-rival, have rallied 15%. That doesn’t help Mack’s priority – raising morale. Esprit de corps has improved since former chief executive Philip Purcell was publicly battling with dissident shareholders and purging top bankers. But, ultimately, bankers – who receive a large chunk of their compensation in st...