This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7120311.stm
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Morgan Stanley's top woman leaves | Morgan Stanley's top woman leaves |
(about 5 hours later) | |
Morgan Stanley has announced that co-president Zoe Cruz is to retire, a move seen by analysts as the latest casualty of the US sub-prime crisis. | Morgan Stanley has announced that co-president Zoe Cruz is to retire, a move seen by analysts as the latest casualty of the US sub-prime crisis. |
The investment bank, which earlier this month revealed a $3.7bn (£1.76bn) loss from US sub-prime mortgage exposure, said Ms Cruz would leave on Saturday. | The investment bank, which earlier this month revealed a $3.7bn (£1.76bn) loss from US sub-prime mortgage exposure, said Ms Cruz would leave on Saturday. |
The 52-year-old had previously been touted as a successor to current chief executive John Mack. | The 52-year-old had previously been touted as a successor to current chief executive John Mack. |
Morgan is just the latest bank to part with senior figures in recent weeks. | Morgan is just the latest bank to part with senior figures in recent weeks. |
'Cruz missile' | 'Cruz missile' |
Former Merrill Lynch chief executive Stan O'Neal retired with immediate effect on 30 October, and Citigroup's Charles Prince resigned on 4 November. | |
The bank says it is reducing its sub-prime loans exposure | The bank says it is reducing its sub-prime loans exposure |
Both were also said to have paid the price for allowing their firms to become overexposed to sub-prime mortgage debt. | Both were also said to have paid the price for allowing their firms to become overexposed to sub-prime mortgage debt. |
Ms Cruz had been with Morgan Stanley since 1982, and was nicknamed "Cruz Missile". | Ms Cruz had been with Morgan Stanley since 1982, and was nicknamed "Cruz Missile". |
She was paid $30m (£14.5m) last year, making her number one on Fortune magazine's list of the 25 highest-paid corporate woman. | She was paid $30m (£14.5m) last year, making her number one on Fortune magazine's list of the 25 highest-paid corporate woman. |
"The captains are going down with the ship, whether they are rising stars or not doesn't matter," said David Easthope, a senior analyst at business consulting group Celent. | |
"The losses are so large and embarrassing to the organization that they are getting rid of people to satisfy the public perception that they are fixing things." |
Previous version
1
Next version