Zoe Cruz Prez Morgan Stanley Out

Discussion in 'Wall St. News' started by Hook N. Sinker, Nov 30, 2007.

  1. Nov. 30 (Bloomberg) -- Zoe Cruz, co-president of Morgan Stanley and Wall Street's highest-paid female executive, was ousted three weeks after the firm disclosed $3.7 billion of losses on mortgage-related securities at the division ...


    NEW YORK, Nov 29 (Reuters) - Morgan Stanley Co-President Zoe Cruz is retiring, the investment bank said on Thursday, three weeks after the company said it was writing down $3.7 billion of subprime mortgage-related assets.

    Walid Chammah and James Gorman were named co-presidents. Robert Scully, co-president with Cruz, is joining a newly created office of the chairman.

    Cruz is seen as the latest casualty of the widening subprime crisis, which has spurred more than $50 billion of losses and write-downs, and led to the departures of two U.S. banking chief executives.

    "Zoe clearly is accepting responsibility for the trading disappointment in the fourth quarter," said Brad Hintz, analyst at Sanford C. Bernstein & Co. (Reporting by Dan Wilchins; Editing by Gary Hill)