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Morgan Stanley ousts co-president

Nov. 30, 2007 at 7:51 AM   |   Comments

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.

© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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