John Mack's arrival back at Morgan Stanley in June 2005 was meant to signal the end of the tumultuous regime of the bank's previous leader, Philip Purcell. In the end, Mack's departure comes in the wake of a far-wider crisis, one that has enveloped the whole banking industry.

Mack returned to the bank where he had spent most of his career - following a largely frustrating interregnum at Credit Suisse - to significant acclaim, both within the firm and on the rest of Wall Street.