Grasping at Stability at Morgan Stanley

The Blackrock deal is dead, reports The Journal. After months of flirtation with the investment firm, Morgan Stanley’s John Mack decided to pass on a deal that would have traded its own asset management unit for a stake in BlackRock, which is 70% owned by PNC Financial Services. Instead, Mack is shoring up his own internal team, removing the word “acting” from president Zoe Cruz’s title while naming veteral banker Robert Scully as co-President. Once James Gorman comes on board next week from Merrill, Mack’s inner circle will be complete. The move was descirbed by an industry analyst as “the lowest risk, safest route to resolving the leadership issue and keeping options open for the future.”
Morgan’s Mack Takes Safe Route [Wall Street Journal]

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