Zoe Cruz Leaves Morgan Stanley (MS)
One of the most powerful women in the financial world became the latest victim of the management purge on Wall Street.
Morgan Stanley said that Zoe Cruz, a 25-year veteran at the firm, was ousted as co-president Thursday in a sweeping management shake-up aimed at turning around the investment bank amid turmoil in the credit markets.
Cruz joins a growing list of Wall Street's top names who have been fired since the summer, including Merrill Lynch & Co.'s Stan O'Neal and Citigroup Inc.'s Charles Prince, for presiding over their firms as they became mired in the subprime mortgage tar-pit.
Morgan Stanley said that Zoe Cruz, a 25-year veteran at the firm, was ousted as co-president Thursday in a sweeping management shake-up aimed at turning around the investment bank amid turmoil in the credit markets.
Cruz joins a growing list of Wall Street's top names who have been fired since the summer, including Merrill Lynch & Co.'s Stan O'Neal and Citigroup Inc.'s Charles Prince, for presiding over their firms as they became mired in the subprime mortgage tar-pit.
Labels: Morgan Stanley, MS, Zoe Cruz
1 Comments:
At 7:29 AM , Farmer said...
It's time to admit that John Mack does not know how to run an investment bank. After Dick Fisher left Morgan, he's run the firm into the ground. First created a horrible conglomerate by merging with a third rate brokerage (Dean Witter Discover), then he was completely outwitted by Phil Purcell, then he installed Zoe Cruz and bought a bunch of mortgages to be "more like Goldman", and now it turns out they had no idea how to hedge them. Meanwhile, Vikram et al, who followed business rules such as "never sell gamma" were forced out by these clowns.
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