Morgan Stanley's Mack to scrutinise asset management

Does investment bank Morgan Stanley's recent spate of turnovers mean that promotions are on the cards for existing staff? And will chief executive John Mack take his knife to the asset management division?

Following the loss of several senior executives at the bank, Mack is

reported in the Financial Times today as saying: "When people leave, it ultimately empowers the next generation of talent. We have certainly seen that happen here and the impact can be substantial."

The FT reports that Mack says "a great deal of work" is still to be done at Morgan Stanley, particularly in turning around its asset management and brokerage businesses, which could suggest hiring or firing.