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John Mack Net Worth, Biography & Wiki 2017
John J. Mack was born on the 17th November 1944, in Mooresville, North Carolina USA, of Lebanese and American origin, and is a banker best known as the former Chairman of the Board and CEO of the leading global financial services firm Morgan Stanley. Currently, Mack is the Senior Advisor of the KKR. John has been active in the investment and brokerage industry since 1967.
How much is the net worth of John Mack? It has been estimated by authoritative sources that the overall size of his wealth is as much as $100 million, as of the data presented in early 2017. Morgan Stanley is the main source of Mack’s modest fortune.
John Mack Net Worth $100 Million
To begin with, John and his six brothers were raised in North Carolina by his parents Charles Mack and Alice Mack. Mack studied on a football scholarship at the Duke University, from which he earned a degree in History.
Concerning his professional career at Morgan Stanley, he started as a salesman in 1972 having gained experience on Wall Street. He found himself promoted to higher and higher positions, and subsequently he became the head of the Worldwide Taxable Fixed Income Division, which he controlled from 1985 to 1992. Meanwhile, he became a member of the board of directors in 1987. Afterwards, he served as Chairman of the operating committee, and then held the position of President from 1993. However, John Mack decided to leave Morgan Stanley as he could not collaborate with Phil Purcell , who became the CEO of the company in 1997.
From 2001 to 2005, Mack worked for the multinational financial services holding company Credit Suisse. In 2005, John came back to work for Morgan Stanley in the position of CEO and Chairman of the Board. Nevertheless, in 2008 it was reported that Morgan Stanley was concerned about his independent survival in the financial market crisis. It was written about Morgan Stanley’s merger talks with the business bank Wachovia, which were already well advanced. The British banks HSBC as well as Asian donors were also taken. At the end of the year, it was declared that the Japanese big bank Mitsubishi UFJ Financial Group (MUFG) with a substantial sum ($9 billion) was involved in a deal with Morgan Stanley. At the beginning of 2009, Morgan Stanley and Citigroup agreed to merge their brokerage houses. The new brokerage house was named Morgan Stanley Smith Barney and became the largest USA broker house with more than 20,000 financial advisors. At the beginning of 2010, Mack retired from the position of CEO.
In 2012 John Mack became a Senior Advisor of the multinational private equity firm, specializing in leveraged buyouts, Kohlberg Kravis Roberts. Through 2013 and 2014 he joined the Russian state-owned oil company Rosneft, but left as the US imposed sanctions on the company through their CEO Igor Sechin.
John Mack is known for his philanthropic efforts through the Christy and John Foundation. In 1999 and 2004, the fund gave $10 million each time to support various initiatives at Duke University. In 2005, the fund supported the Naval Academy Foundation, and in 2007, $5 million was given to Shaw University.
Finally, in the personal life of John Mack, he is married to Christy, and the family has three children.