John Mack on Life Lessons From Financial Crisis

Masters in Business

Podcast Notes Key Takeaways “I’m a client guy. No one wants to drink alone. So if he’s drinking, or if she’s drinking, I’m drinking.” – John Mack John came from a small predominantly Baptist town in North Carolina; the party scene of 1970s Wall Street was a culture shock for him Lessons learned from the bond desk: be upfront, focus on your clients, and don’t get drunk at lunch (but occasionally do)“At the end of the day, it’s all about trust. And it’s all about delivering on what you say you are going to do.” – John Mack on building business relationships Globalization and technology changed Wall Street more than anything else In the 1970s, Wall Street bankers would go out to lunch for hours and not miss anything; today, bankers can’t leave their desk John Mack tried to create a “One Firm, Firm” culture that reduced information silos and encouraged collaboration Anyone with a personal fiefdom is terrible for a firm trying to create a strong cultureAdvice for college graduates interested in finance: get your foot in the door, figure out how to get to know people in the company that you want to work for, perform well in your current job, and get an accounting degree or an MBA if you want to be an M&A; specialist Hold onto the great companies that you invest in 

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Bloomberg Radio host Barry Ritholtz speaks with the legendary John Mack, former chief executive officer and chairman of the board at Morgan Stanley. His memoir of his life and 34-year tenure at Morgan Stanley — “Up Close and All In: Life Lessons From a Wall Street Warrior” — was published in October.  See omnystudio.com/listener for privacy information.