Mack faces tough choice for brokerage chief

One of John Mack's first challenges is fixing the retail unit, specifically finding a new chief who satisfies outside investors and internal brokers. The brokerage division was a main point of controversy for Phil Purcell. Obviously, the Dean Witter merger never quite worked out. Shareholders seem to favor a big-name hire; according to The New York Times, Mack has had discussions with James Gorman, former retail chief at Merrill Lynch, and executives at UBS -- Mark Sutton and Marten Hoekstra. Gorman may be the favorite.

> Here's the New York Times article.
> Job cuts are underway. Article