All change on Wall St as Mack returns to Stanley, Costas leaves for UBS fund
Two of the world's most powerful investment banks were in management flux this week as John Mack returned to Morgan Stanley as chairman and chief executive and John Costas stepped down as CEO of UBS Investment Bank.
America's investment banking elite cheered Mack's return to the market and lamented Costas's exit from running a bank.
He is going to lead Dillon Read Capital Management, a new hedge fund owned by UBS, and will be replaced by Huw Jenkins, global head of equities.
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