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Morgan Stanley Ousts Co-President Zoe Cruz

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Morgan Stanley Ousts Co-President Zoe Cruz

Business

Morgan Stanley Ousts Co-President Zoe Cruz

Morgan Stanley Ousts Co-President Zoe Cruz

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  • <iframe src="https://www.npr.org/player/embed/16763742/16763706" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
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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.

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.

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