On Wall Street, the cult of McKinsey continues to flourish. Long considered the management consultancy of choice by bankers and brokers, McKinsey's image has been further burnished in recent years by the success of several ex-employees who have made the leap to the securities industry. Prominent among them are Phil Purcell, chairman and CEO of Morgan Stanley Dean Witter and Larry Linden, a partner at Goldman Sachs.
To their names, now add a third: John Cecil, a former McKinsey director who resigned in 1994 to become chief administrative officer of Lehman Brothers. Taking the reins of a deeply troubled institution, Cecil has helped engineer one of Wall Street's more dramatic turnrounds.
Over the past 12 months,...
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