Update: Mack's attempt to remake Morgan Stanley

Morgan Stanley ended its relationship with Stephan Newhouse, a former president; Vikram Pandit, ex-head of the institutional securities division; and John Havens, who ran the equities division. John Mack, who has been running Morgan Stanley for five months, would have liked them to stay, but he's not slowing down. He has stepped up his search for a hedge fund to acquire, something that would solve a few problems at the firm.

> Here's a New York Times article.