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.

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 November, and Citigroup's Charles Prince resigned on 4 November. 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 exposureThe 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."