Morgan Stanley Ousts Co-President Zoe Cruz

Morgan Stanley has ousted co-president Zoe Cruz, a 25-year veteran at the firm and one of the most powerful women in the financial world. The management shakeup is intended to turn around a company that, like other Wall Street giants, became mired in the credit crisis.

Copyright © 2010 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

RENEE MONTAGNE, host:

NPR's Business News starts with another axe falling on Wall Street.

The sub-prime mortgage mess has claimed another casualty in the financial world. Wall Street giant Morgan Stanley says it's giving the boot to co-president Zoe Cruz. Cruz was one of the highest-ranking women in finance. After 25 years at the firm, she now joins executives from other Wall Street giants like Citigroup and Merrill Lynch who've left after their companies lost billions of dollars on investments in the mortgage market.

Copyright © 2010 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.