Morgan Stanley CEO Doesn't Expect More Writedowns


Morgan Stanley Chief Executive John Mack told CNBC that he does not expect the investment bank to take further write-downs on assets beyond what was announced last month.

John Mack on Credit Market

"We thought we were conservative," Mack said. "We thought we did take the write-downs at the time. Clearly the market has come back, somewhat, not to where it was prior to August. Given the track we're on now, we think we're in good shape."

Morgan Stanley last month reported nearly $1 billion in third-quarter write-downs to reflect the impact of slumping credit markets this summer on mortgage securities, leveraged loans and other assets.

Mack cautioned: "We're not out of the woods yet."