Up Close and All In: Life Lessons from a Wall Street Warrior

by John Mack

From John Mack, former CEO of Morgan Stanley, an intimate personal memoir and riveting business story, recounting how he helped grow the company from 300 to 50,000 employees over four decades, transformed a notoriously competitive culture into a successful and collaborative one, and lead the company through the 2008 financial crisis.

During his thirty-four-year tenure at Morgan Stanley, John Mack’s goal was to build the strongest and most productive team on Wall Street. His ability to motivate his employees to do their best work, especially in times of crisis, was fostered by his willingness to slash through bureaucracy and stand up to powerful interests. A forceful personality, one journalist said Mack was “described as ‘charismatic’ so regularly that it could be part of his name.”

In Up Close and All In , Mack traces his personal journey from a one-stoplight North Carolina mill town to a fortieth-floor corner office on Wall Street—and shares the life lessons he learned along the way. He developed a titanium-strength stomach for risk, stress, and competition while landing accounts early in his career, as investment banks fought like wolfpacks to take advantage of new deregulation, fielding business raids, booms, and busts. As he rose through the ranks, he never forgot where he came from, relying on his instincts, doing what was right, and listening to his people on the front lines. This culture of trust and collaboration helped Morgan Stanley anticipate future trends before other firms, adapt quickly, and achieve record profits.

This gripping memoir includes both humbling lows—like when Mack made the difficult decision to leave Morgan Stanley in 2001—and exhilarating highs—such as when he made an eleventh-hour agreement with the Japanese bank Mitsubishi to save the company during the 2008 financial crisis, having refused to give in when top regulators pressured him to sell the firm for $2 per share.

With humor and honesty, Mack shares advice on both business and how to create a culture of team players, how to keep perspective during crises, how to make difficult decisions when all eyes are on you, and more. From a singular man who’s as unafraid to cry publicly as he is to anger some of the most powerful people in the world, this is an indispensable guide to living and leading well.

Genres: Biography, Business, Finance, Nonfiction, Leadership, Autobiography

320 pages, Hardcover

Published October 11, 2022

Reviews

[Debbie Vaughan · Rating 5 out of 5]

I loved this book. But it might be because it was so personal. I worked at Morgan Stanley for 22 years and was there during the 2008 crises. This was a great inside look at what went on during the crisis and in the early days of Morgan Stanley. I always felt the same sentiment Mack expressed about Morgan Stanley, “First class business in a first class way.” Mack was and is a legend.
I am proud to be part of the Morgan Stanley family.

[Dao Le · Rating 3 out of 5]

If a megalomaniac wrote a memoir, this would be it. John Mack, Morgan Stanley's ex-CEO who led the bank into the Global Financial Crisis, is clearly enamored with himself and his own power, but at least he's honest about it and does not attempt to hide that fact (as evidenced by the number of times he referred to himself in the 3rd person). He prides himself on being a good leader (as he proudly yells at a trader for making a delivery boy wait 30 minutes, or sweeps everything off a desk in anger as one salesperson doesn't answer a call). And maybe he very well was, but compared to my understanding of good leadership, he fell woefully short. Despite my gripe with his character, though, this is a very entertaining book with colorful Wall Street tales around the world, and I especially appreciated the during a few weeks amid the GFC when the whole financial system is falling apart (Morgan Stanley literally almost went bankrupt).

[John Goodell · Rating 4 out of 5]

As someone who works in the industry, I thoroughly enjoyed reading this. I share many of the same principles John Mack has, and admire how he consistently lived by them throughout his life and career. I found his story honest, fascinating, and refreshing in the sense that here is a Wall Street icon motivated less by money and greed, and more by the 'game' of it all.

[Tino · Rating 4 out of 5]

An excellent read by one of the titans of the industry. Wasn’t much I didn’t like but it just felt like a 4-4.5 star book.

[Al Wang · Rating 4 out of 5]

I admired Morgan Stanley since I was a kid when I get to know about investment banking during the financial crisis in 2008. Since I work in finance and admired MS, once I saw this book and felt that it’s a must read for me.

Overall, its a decent book. I get to know more about John’s journey and how great of a leader he is and he seems like a down to earth guy (hopefully that I’m not the kind of person that will make the delivery boy wait for 30 minutes). But besides that, nothing too insightful since he didn’t spent too much space on how he dealt with the financial crisis which I think is probably the biggest challenges he faced and he sure have a lot of insights he could share with us.

Still a great book for anyone who wants to know more about a great CEO. If you want to know more about the financial crisis, go read “Too Big To Fail”; if you want to know more about investment banking, google it instead.

[Joe · Rating 3 out of 5]

John Mack seems like a great guy and an incredible leader, but he made huge mistakes in leading Morgan Stanley during 2005-2009. Purcell’s aversion to MBS was 100% correct, and Mack’s reversal of strategy towards “risk-on” and “gaining market share” were the causes of Morgan Stanley’s woes.

This book doesn’t really admit to those failings, and that’s a shame.

[Stefan Simon · Rating 4 out of 5]

Nice story but nothing special

Nice story but not very inspiring. John Mack may have been great manager but I haven’t seen too many inspiring and leadership traits in his style

[Nikhil · Rating 5 out of 5]

John Mack’s autobiography, Up Close and All In, is quite a riveting, intimate affair in which he does a bare-all about his professional journey all the way to the top of Wall Street and how it then mutates into a roller-coaster ride, one that would make stomach’s churn for even the craziest adrenaline junkie.

Written in a chronological order, John walks the reader through his family background and his initial ambition to launch his own menswear shop in North Carolina. From there, he stumbles into the world of finance as a means to keep his head above water, and finally lands at Morgan Stanley after having said no to them once. Not one to look back, John’s career graph at Morgan Stanley seems to be a gravity-defying one till his own decision to merge with Dean Witter eventually costs him his peace of mind and his job.

But as they say, you cant keep a good man down for long. Events take over and John gets a chance to clean up Credit Suisse First Boston before he is invited back to take the corner office at Morgan Stanley after the company starts lagging behind in terms of market performance. And if John thought that the worst was behind him, the global financial markets, Morgan Stanley included, soon walk into the GFC of 2008, where Morgan Stanley survives as an independent entity, but only by the skin of its teeth.

While the story is exciting enough by itself, here are a few stand-outs that make the book a rather unique read. Firstly, the blow-by-blow account of some of the most difficult phases of John’s life at Morgan Stanley, including having to ask the three most powerful men in the world of finance, during the peak of September 2008, to stuff it. Secondly, John’s ability to learn the value of and evolve into a team-player despite starting in fixed income sales-trading, a cut-throat world of ego-maniacs with a star-culture syndrome. He seems to carry this people orientation throughout his life, which wins him a strong base of loyalists even in the cut-throat world of finance. Thirdly, his relentless pursuit to do what he thinks is right for Morgan Stanley, including letting go some of those who he nurtured and grew for decades and in the process taking personal pain, or giving up his own opportunity to become the CEO of Morgan Stanley. And finally, his brand of leadership, which is right in the trenches with his team, taking the hits with them and yet standing up to motivate them to fight against all odds with the belief that survival is the only way forward.

Through the book John brings out, in sharp relief, a certain integrity towards his organisation, his clients, his partners and his people. He highlights the importance of relationships and how they play an outsized role in our personal and professional worlds. Infact, the story of why Mitsubishi got the confidence to do the seemingly un-Japanese thing of closing a deal over-night, seems to have its foundations in a relationship carefully nurtured over 40-50 years.

At the end, one cant but help admire the wonderful relationship he seems to share with his wife, Christy, who seems to have played an outsized role in his success as an individual. As John himself puts it: “It’s a lot easier to take risks at work when you have a solid bedrock at home.”

A very fast but wonderful read, with some investment banking jargon, but a lot more insights into leadership and character-building.

[Venkat Rao · Rating 4 out of 5]

Had to buy this book when I saw it at the local bookstore after having been a former Morgan Stanley intern. John Mack is what I expect of a leader should. Confident, inspiring and someone I want to work for.

The book is fast paced and you get a lot of behind the scenes about finance from 1980-2010. I finished it in a week.

My two pet peeves where I think the publishers could have improved the book is giving the Chapters title. Like Chapter 2 is just called "Chapter 2". They could have given chapters names with more context. Also the book doesn't have an index. So I can't reference anything later.

Also, doesn't seem like they got the book any publicity. John Mack only appeared on two shows(CNBC and David Rubenstein) and it wasn't reviewed by any of the national press except for Bloomberg. I wouldn't have known about this book without visiting my local bookstore.

[Adam · Rating 4 out of 5]

John mack could have been title return of the Maack!

What my 👂 heard 👇

I'm compelled to Stand up for people who don't have power
I want to work with people who make me stretch
I'm alternating between irritation and concern
Much theorizing little execution
That conversation took something out of me
It's okay to sometimes lose focus as long as you don't lose commitment
He's my Jiminy cricket the guy who calls me out when I'm about to do something dumb

He's a cold hearted son of a b**** but you have warmed his heart Joey to Abby
I'm genetically programmed to call things as I see them
And all hands on deck on pretentious guy
Honesty and hard work the only way
Someone asks her are you respond cruising along in the party boat

[Michelle T · Rating 5 out of 5]

I loved this and discovered an immense amount of appreciation given the personal lens. In particular, I was very fortunate to have interacted with some of the names mentioned - especially the leaders in Asia (Go Wei!) - and it was incredible to see how the rise of China and Japan intersected with Wall Street. The tumultuous sections on the GFC sounded like a thriller and it was kinda crazy how Mack navigated the uncertainty. He talks a lot about leadership, handling stress and treating people with kindness and integrity - I saw these qualities in my own mentors there too.

Definitely finished the book with a great amount of pride, realising just how little I knew about MS’ legacy before this. “First class business in a first class way”

[Denise · Rating 4 out of 5]

Having read a few books by leaders of similar accomplishment and enjoyed their wisdom, I was very much looking forward to John Mack's book after it was referenced in the FT. Unfortunately this book falls a bit short of some of its peers written by some of Mr. Mack's peers, but I generally enjoyed his version of financial history and Morgan Stanley history specifically. He comes across a bit arrogant, but few in his position wouldn't be. He also comes across as loving to his wife, loyal to his friends and whip smart and adaptable under pressure. There are not as many life lessons as I would have liked but am still glad I read this book.

[R · Rating 1 out of 5]

A limited book that I expected a lot more from. I am left with the feeling that John Mack can reveal a lot more advice and substantive examples of how to spot risks and opportunities. Instead he uses the book to promote his mystic/warrior status more than the substance of his achievements. He also quotes people who have said suck up things to him. He also has a cringe page where he gets his children to quote what they most love about him. Mack comes across as exceptionally arrogant, something he admits in a 2022 FT article. The similarities to Steve Schwarzman’s arrogance are clear.

John Mack’s parent emigrated from Lebanon in the early 1900s. They had very little money. John Mack then explains how he found his wife Christy. In a characteristically direct manner, he meets a celebrity figure at a party. Aware that this lady is married Mack asks if she has a relation who she could introduce him to. She says yes - her younger sister - but that she is still at college so call back in a couple of year. John is true to his word - phones back in four years and is set up a date. John can’t help but brag about himself who “quotes” Christi said how comfortable John was in his own skin during their first date. The rest is history and they marry. Christy later in the book is portrayed as this exceptionally charming character who helps host drinks parties at his suburban New York house for clients. The similarities with Bob Iger’s wife Willow and how she charmed Steve Jobs for the Pixar deal are clear.

John Mack does not explain his early career very well - but he started selling bonds for a number of mid-tier brokers. He is quickly spotted as being exception with clients -albeit constantly getting drunk with them but compared to his rival at Solomon Brothers does not seek to offer them low prices but instead wise advice. He is offered a role at MS but turns it down as he worries that his dark skin and lack of a Harvard BA will make him struggle. His struggles at school drove him on in life but also made him inwardly shy.

John eventually joined MS and rose to become a manager within four years. His first couple of years in management were rocky and he was too quick to want to sack people who actually turned out to be very talented. He starts to find a balance and gives more of his team space - only accompanying colleagues to key client meetings. John then would give very clear feedback. Some aspects of his character I don’t applaud in particular his promotion of a very macho banter environment. He once stuffed a colleague’s phone with rotting fish so they were constantly having to brush their teeth. He takes pride in being the joker or the person who revs people up. Don’t ever indulge in that behaviour.

His directness did have its benefits. He could not stand employees saying that they did not know. Far better in his view to say what you do know and this is how I will get the rest of the info. He also made a case of speaking to people (often senior) in lifts, following people who were not dressed correctly (wearing short) and speaking to their bosses. Similar in some ways to Jamie Dimon. People became very keen to please Mack - who was described by Dick Fisher as having the biggest gun at MS but that he should aim to never use it. Mack was at times a wonderful diplomat. When trying to secure the rights to underwrite Chinese bonds which he won - the Chinese minster said “you were the only banker who came to meet us without lawyers - you trusted us”.

Banking can be a ruthless business. When Bob Diamond left Morgan Stanley, he waited a couple of weeks until Mack had been around the fixed income team and got their word that they were not leaving until the moment Mack was in the air from Tokyo they all started to hand in their resignations - Tokyo 1st, London 2nd, New York 3rd. Every organisation has an “espoused” theory - what an organisation says that they believe in. The “enacted” theory is what the company actually does. These two theories are often very different.

1994 MS makes its first inroads into mass Wealth management by buying Dean Witter to provide steady cash flows to offset the volatile revenues of investment banking. How history repeats itself. The merger of Dean Witter’s was messy - with Mack being pushed out by Philip Purcell the Dean Witters CEO. Mack had agreed at the takeover that he would not be CEO immediately but instead be Witter’s successor. Witter did not keep his word and kept providing Mack who was president - fake power like a private bathroom. Mack left to become CEO of Credit Suisse First Boston. Mack struggled with the at times arrogant Swiss who despised Mack for being unable to speak their language. He kept telling the board they were stupid and wrong as he kept making profits for the bank - but was not getting the investment from the group. Mack left CS and ironically replaced Dean Witters who was kicked out by MS for being a tosser. Mack’s first move was to poach James Gorman from Merrill Lynch to run the retail (wealth) part of MS. James’s first day at MS was a Friday - making people expect that he would turn up on the Tuesday to the office after President’s weekend. No - he turned up early on Friday morning ready to start work. That work ethic impressed Mack and others.

Mack knew a housing bubble was on the horizon when the New York Taxi driver had mortgaged his house to buy a second one. Jaime Dimon was a classic business person during the crisis - phoning up Mack to see if he could buy anything off MS.

[Dan Zwirn · Rating 4 out of 5]

For those interested in Wall Street history, the first-hand account of Morgan Stanley’s development from a few hundred people to tens of thousands as a global financial power is worth the read. Also, sales and management lessons from someone who’s done it at the highest levels are worthwhile. That said, most importantly there is a meta lesson here about what it takes (the good and the bad) to operate and succeed at the highest levels of an organization like this…

[Sandra · Rating 5 out of 5]

Fabulous. As a CSFB alum, and one who worked closely with the team that in Chapter 12 was referenced in “the great betrayal” when Bob Diamond poached 12 top Morgan Stanley performers, many who John then went on to manage during his stint at CSFB, this is a walk down memory lane. And great memories they were - in his words “my professional home” as the industry was so much fun to work in in those days. Such a man of strength and character. A pleasure to be reminded of the way things were.

[Dilip Massand · Rating 5 out of 5]

A fantastic first person narrative of a life well lived, an example of "the American Dream" - child of Lebanese immigrants who rises to become the leader of one of Wall Street's fabled institutions, and the hard decisions, board room battles, and experiences it takes to become a great leader. I was fortunate to be in the same room with the man and many people he talks about when I received the book. For a student of Wall Street, and in particular the 2008 crisis, a must read..

[Chris Moretti · Rating 5 out of 5]

I listened to the Audiobook. John Mack’s story and writing is excellent. I thoroughly enjoyed it. The narrator of the Audiobook Mark Bramhall was excellent. His voice is great and older so it matched John Mack’s look back on his life and career. What impressed me so much about Mark was the inflection and emotion he put into it as if it was his own story. I would have sworn that John Mack himself was reading it.

[Howard · Rating 5 out of 5]

Great book and great leader! I was at Morgan Stanley during the financial meltdown, and I witnessed first hand how he managed the financial crisis, kept the firm focused and managed the federal goverment. Through his will and perseverance, business principles and integrity along with his love for the firm, he saved it from financial abyss.

[Prash · Rating 5 out of 5]

Investment Banking

Thank you Mr. Mack for giving a great history of investment banking and leadership in a crisis. The history and view of investment banking and trading is by far one of the most underrated. These professions raise capital for companies and economies to exist and thrive.

[Andrea · Rating 4 out of 5]

Fast paced and interesting read about a very talented person. Yes, he brags a lot and pats himself on the back, but his confidence and business accomplishments are impressive. You might not bother with this book if you have no Wall St connection. His account of the 2008 global financial meltdown brought back memories of that scary time.

[Joyal James · Rating 4 out of 5]

Good book i think i still have a passion for finance but the strict rules and the work ethic might not be for me i do think work ethic is really important for success basically this dude was a leabense football player who made it to morgan stanley ceo during the crisis i also think the fact he had insane work ethic and he kept at the same firm helped him rise to the top also james gorman the new ceo seems like a beast

[nick declerico · Rating 5 out of 5]

a life story

…lessons for life-follow the story of a hard working family,who lived life with the honor,integrity,and determination to do things the right way-thankyou,John Mack and family,and Godspeed

[Kellyjosephc · Rating 5 out of 5]

Great memoir!

Gripping and informative, John has clearly lived a big life. I enjoyed the peek inside the firm Morgan Stanley and how John led it and developed its culture. Things got especially exciting towards the end with his telling of the events around the GFC.

[Bonnie Riehl · Rating 4 out of 5]

I enjoyed the book and its perspective. I worked at Morgan Stanley during the Dean Witter drama so do have a personal connection. I found it a touch egotistical but that's probably standard for any Wall Street executive.

[Kathryn M. · Rating 5 out of 5]

wonderful and personal

John Mack tells a very human story of his ver amazing experience. I found his rendition of his life honest, complete and instructive. I commend it to you.

[Erich Smith · Rating 4 out of 5]

A good read! I enjoyed the behind the s news stories and admired his approach to managing and leading. Many lessons for those who lead other. Be direct and decisive!

[Salvatore DiMartino · Rating 5 out of 5]

I purchased this because i am a fan of John Mack and I thought it would impart some business lessons on me. But i quickly learned that the lessons apply to life as well. A Great read.

[Joe Zhang · Rating 5 out of 5]

a great story

I enjoyed reading it. Particularly the chapters on the 2008 crisis and the merger with Dean Witter Discover. Well written.

[Peter August Anker · Rating 4 out of 5]

Fet fyr.

[Robert Hankins · Rating 5 out of 5]

Fun glance on emergence of MS and development of a salesman turned manager turned CEO