Morgan Stanley's Zoe Cruz is ousted

Zoe Cruz had a magical run at Morgan Stanley. By dint of pluck, skill and loyalty to her firm, she built a 25-year career at the only firm she ever worked. She rose to co-president and made herself the most powerful woman on Wall Street. And now it's over. Cruz, once seen as a top lieutenant of John Mack, will step down, a victim of the credit crunch. Morgan's losses weren't that bad: A roughly $1 million writedown for the 3Q. But the fourth quarter is an open question. One has to wonder if this presages a massive 4Q writedown. The New York Times reports that CEO John Mack decided that she had to go, even though he had quite recently been a huge supporter. She'll no doubt land on her feet.  

For more:
- here's the New York Times article

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