Morgan Stanley: Big Mack attack

When John Mack was ousted as head of CSFB a year ago, the Swiss bank’s chairman released a bizarre statement: «At this point in time, we have no interest in pursuing a merger with another financial institution.» The implication was that Mack had hoped to steer Credit Suisse into a merger its Swiss owners would not countenance. So how does that square with Mack’s possible return to Morgan Stanley? The urge to merge and bulk up in financial services is, after all, a strategy better associated wit...