CEO Mack says Morgan Stanley became too conservative

07/23/2009 | Wall Street Journal, The

After a substantial profit report from Goldman Sachs, Morgan Stanley reported a loss of $159 million in the second quarter from continuing operations. The report prompted Morgan Stanley CEO John Mack to acknowledge that the firm had become overly conservative in some areas. "We are not satisfied with our performance" in "key areas of fixed-income trading and in asset management," Mack said.

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