The Deal
Saturday, November 21, 
5:47 am

Co-president Zoe Cruz replaced at Morgan Stanley

  Share     E-Mail    Discussion    Print Story
zcruz.png

The credit crunch has now claimed one of the most powerful women in the financial world, Morgan Stanley co-president Zoe Cruz. Once considered a potential successor to chairman and chief executive John Mack, Cruz (pictured right) is retiring from Morgan after 25 years of service.

In order to "navigate the current challenging conditions," Mack has made some other changes in senior management, effective Dec. 1.

Continue reading below

Also on Dealscape

Walid Chammah and James Gorman are now co-presidents of the firm. Institutional securities will report to Chammah, who will continue to reside in London, and wealth management and asset management will report to Gorman. Former co-president Robert Scully joined the new office of the chairman, where he will focus on key clients, including global sovereign investors. He reports to Mack. Michael Petrick will oversee the firm's trading business and serve as co-head of institutional securities sales and trading, alongside Jerker Johansson. And Neal Shear becomes chairman of the commodities business, which has been strong.

Cruz, who received good wishes from Mack, joins quite a list. The subprime mortgage club also includes Merrill Lynch & Co.'s Stan O'Neal, Citigroup Inc.'s Charles Prince and online brokerage E-Trade Financial Corp. CEO Mitch Caplan, who just said he would step down. Don't forget the scores of other bankers as well as speculation of Bear Stearns Cos. chairman and CEO James Cayne retiring early. Earlier this week, Bear said it would cut another 650 jobs.

Also, the AP reported that Treasury Secretary Henry Paulson and other top regulators met Thursday with loan servicing companies and other industry executives to deal with the crunch and prevent a recession. — Baz Hiralal

Go to Morgan Stanley's announcement



Post a comment





The Deal Pipeline

Deal Video


Inside The Deal: Avaya Inc.'s Mohamad Ali on the company's next target.


More video...

Crisis On Wall Street
Technology
Deals of The Decade

Community

Industry Insight

Managing your shareholder base

Growth companies and their PE sponsors should be wary of the pitfalls that arise when they layer on tiers of preferred stock.


Industry Insight

Easing the stress of distressed M&A

Corporate buyers face numerous complexities when trying to identify the right moment to purchase a distressed asset.


Editor's Note

Editor's letter: Nov. 16, 2009

Beneath the veneer of Wall Streeters beats the same heart, stirred by the same determinants of behavior.


footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg


©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.