"John Mack would come by, and Ted, with John sitting next to him, would run quite incredibly deftly the firm's share-repurchase program that arguably kept the firm in business," a former colleague said."We had very little capital with which to work with and so there was a really brilliant execution of sort of playing poker, if you will, with the markets."
Pick was obsessed with overtaking Goldman Sachs as No. 1 in equities, and in 2011, his division succeeded in doing that. Yet he warned his troops to stay vigilant against the rival bank, which he always referred to as"the guys downtown," according to one former banker at Morgan Stanley, which is in midtown Manhattan.
"Why not 10%? Why not 40%? Twenty-five percent has the magic of being a number that clearly sends a message to the market that we're listening, but equally and important a message that we're in it for the long term," heAfter three decades on Wall Street, Pick has a relatively clean sheet — but not spotless. The bank lost $911 million when it had to dump stocks linked to the family office Archegos Capital Management in spring 2021.
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Source: CNBC - 🏆 12. / 72 Read more »