The sub-prime crisis claimed the scalp of Wall Street's highest-ranking woman late last night as Morgan Stanley announced the surprise departure of its co-president Zoe Cruz, three weeks after suffering $3.7bn writedowns, reports The Times.
Ms Cruz's is the third high-profile casualty of the sub-prime crisis to go in a month. Stan O'Neal was ousted as chief executive at Merrill Lynch at the end of October and Chuck Prince was forced out as the head of Citigroup five days later. Ms Cruz, 52, led Morgan Stanley's investment bank, the division that bore the brunt of the writedowns, but was still tipped as a successor to John Mack, the chief executive, as recently as early this month. MERVYN KING, THE GOVERNOR OF the Bank of England, yesterday issued his starkest warning yet of the dangers facing the British economy, amid fears...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes