John Mack to step down from Morgan Stanley

Friday 16 September 2011 00:00 BST

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John Mack, who rescued Morgan Stanley from a period of internecine warfare and then steered the investment bank safely through the credit crisis, will retire as chairman of the firm at the end of this year.

James Gorman, who succeeded Mr Mack as chief executive last year, will combine the two top jobs from 1 January, the Wall Street bank announced.

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John Mack to step down from Morgan Stanley

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