After John Mack, CSFB CEO, left Walid Chammah's home recently, he truly believed he had captured his man and persuaded his former collegue to join him as co-head of investment banking at CSFB.
But Steve Newhouse, chairman of Morgan Stanley and head honcho Philip Purcell, went to work and persuaded their head of debt capital markets to stay.
Staff at Morgan Stanley are thought to be pleased that Chammah has elected to stay - they placed a banner on the trading floor imploring him to do so.
Chammah, who has never worked in investment banking, was originally recruited into Morgan Stanley by Mack in 1993 from First Boston.
It is unusual for Morgan Stanley to attempt to persuade employees to stay, but this one was personal. Senior executives were thought to have been determined not to let Mack, former Morgan Stanley president, get one over on them.
Adebayo Ogunlesi, who heads up the CSFB energy unit, will now become sole head of investment banking there.
Morgan Stanley Keeps Chammah
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