Morgan Stanley to Write Off More After Zoe Cruz's Unexpected Departure
The ouster of Zoe Cruz, one of Wall Street's most powerful female executives, as Morgan Stanley's (NYSE:MS - News) co-president after a $3.7 billion mortgage loss has raised questions about how big the ultimate write-down will be - and how much investors will notice.
Cruz's unexpected departure on Thursday, after a quarter century at Morgan Stanley, eliminated perhaps the leading candidate to succeed John Mack as chief executive.
The 52-year-old Cruz joined a conga line of banking executives to lose their jobs after more than $50 billion of mortgage losses industry wide. These include the chief executives of Merrill Lynch & Co (NYSE:MER - News) and Citigroup Inc (NYSE:C - News), Stanley O'Neal and Charles Prince.
Cruz oversaw a business that in September and October generated the $3.7 billion pretax loss, reducing overall net income by $2.5 billion. Many analysts have said losses may have grown in November.
Cruz's unexpected departure on Thursday, after a quarter century at Morgan Stanley, eliminated perhaps the leading candidate to succeed John Mack as chief executive.
The 52-year-old Cruz joined a conga line of banking executives to lose their jobs after more than $50 billion of mortgage losses industry wide. These include the chief executives of Merrill Lynch & Co (NYSE:MER - News) and Citigroup Inc (NYSE:C - News), Stanley O'Neal and Charles Prince.
Cruz oversaw a business that in September and October generated the $3.7 billion pretax loss, reducing overall net income by $2.5 billion. Many analysts have said losses may have grown in November.
Labels: C, Citigroup Inc., MER, Merrill Lynch and Co. Inc., Morgan Stanley, MS, Stanley O'Neal, Zoe Cruz
posted by Stock Administrator @ 4:59 PM
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