Then he shredded the firm's investment banking unit, another moneylosing operation only about 30 out of 300 investment bankers remain.

FORBES: The great divorce

Meanwhile, Mack has emphasized the firm's investment bank and asset management areas, striking several deals to acquire hedge fund managers, for example.

FORBES: Discover To Go It Alone

He discussed the firm's investment outlook for the year, noting a near-bottom in the European market and looming interest rate increases domestically.

FORBES: William Conway, Jr.