NEW YORK, Nov. 30 (UPI) -- Morgan Stanley has ousted Zoe Cruz, its co-president and heir apparent and one of the highest-ranking women on Wall Street, in the credit crisis aftermath.
The action, considered a surprise by observers, came three weeks after Morgan Stanley revealed it had lost more than $3.7 billion on a subprime mortgage bet that went wrong.
Though Cruz, 52, had oversight of the part of the business that had the losses, it was believed she had survived the bloodletting that claimed several of her contemporaries. Apparently, The Wall Street Journal said, her leadership style and a bruising 2005 battle for control of the firm played a role.
Robert Scully, an experienced banker and the other co-president, was reported in line for a new position of chairman.
|Additional Business News Stories|
WASHINGTON, May 21 (UPI) --A member of Congress who led an investigation into the BP oil spill in 2010 expressed outrage that a judge threw out a charge against a former BP executive.
MUSCAT, Oman, May 21 (UPI) --The Persian Gulf sultanate of Oman is set to buy a $2.1 billion missile system built by the U.S. Raytheon Co. as part of a U.S. drive to install a coordinated air-defense system linking the region's Arab monarchies to counter Iran.