Zoe Cruz

Zoe Cruz to start a hedge fund?

Jim Kim — Thu, 23 Oct 2008 13:07:24 -0400

You have to feel for the likes of Zoe Cruz, Erin Callan and Sallie Krawcheck. Each one has held the mythic title--ever so briefly--of the most powerful woman on Wall Street. And in the recent credit crunch, each one left her bank under a cloud.

Callan has resurfaced at Credit Suisse, and we can only hope she ascends to similar heights. As for Cruz, there are reports that UBS was knocking on her door, but she did not want to move forward. TheStreet.com reports Cruz may be considering starting a hedge fund. Some might think this is the worst possible time to start a hedge fund. Then again, when the market has bottomed out, it may be an opportune moment to jump in. She certainly has the brand name to make a splash.

For more:
- here's the article

Krawcheck to leave Citi

Jim Kim — Mon, 22 Sep 2008 21:07:44 -0400

You could have guessed this was coming. Once the mythic "most powerful woman on Wall Street," Sallie Krawcheck, the head of Citi's wealth management unit, has taken some lumps as of late. Now comes news that she will leave the bank. The New York Times notes the move is part of yet another management shake up. Michael Corbat is expected to assume Krawcheck's role. Her downfall can perhaps be linked back to the reign of Charles Prince, who tapped her as CFO. She did not fare well and ended up back in wealth management. There have been rumors that she would leave for a while now. All in all, it has been a rough road for women at the top. Not so long ago, Zoe Cruz, Erin Callan and Krawchek all had bright careers ahead.

For more:
- here's the article

Tough road for Wall Street women at the top

Jim Kim — Fri, 13 Jun 2008 06:58:46 -0400

After Sallie Krawcheck fell off the CEO track at Citigroup and Zoe "the" Cruz "missile" was ousted at Morgan Stanley, people were wondering who would wear the cursed mantle of 'woman most likely to run a big bank someday.' Since last December, when Erin Callan was promoted to CFO at Lehman Brothers, she had shouldered that burden--and shouldered it well. If you are the sentimental sort, it's sad that things turned out the way they did. At 42, she has plenty of time for a second act, but the chance to run a to bank may not come her way for a long time, suggests Fortune. So here's a question: Who now wears the crown of 'woman most likely to become CEO'? Careful--it may be a curse.

For more:
- here's a Fortune article

Zoe Cruz still making news

Wed, 30 Apr 2008 06:59:58 -0400

New York Magazine weighs in with a long, fascinating cover story on the rise and fall of Zoe Cruz--the famed Cruz Missile of Morgan Stanley, who was fired by John Mack. The article lays bare just how hard a road she had to take. She survived some pretty long odds in hindsight. She kept on rising at Morgan Stanley, despite not being part of the club that ruled. Vikram Pandit, now the CEO of Citigroup, does not come off all that well. And then her mentor, Mack, turned on her. Her role as Morgan Stanley started taking hits from credit crunch will be debated. By this account, she really wanted to cut some troubling exposures, but ran into lots of minefields. If a woman ever makes it to a corner office on Wall Street, Cruz will be one of the giants on whose shoulders that CEO will stand.

For more:
- here's the article

On Wall Street, failure is ticket to success

Mon, 28 Jan 2008 06:59:58 -0500

The New York Times raises an interesting point about the recent executive upheaval on Wall Street. None of the executives that figured prominently will likely see their careers penalized. The paper reports that Thomas Maheras, who it says helped build Citigroup's subprime business, is in talks with Bear Stearns among others about a top job. Dow Kim, formerly of Merrill Lynch, is raising money for a new hedge fund. Zoe Cruz, formerly of Morgan Stanley, has held talks with several firms; she's a hot commodity right now. The list goes on. Second acts are a great tradition on Wall Street. I wonder what will happen to the really big wigs, like Stanley O'Neal and Charles Prince.

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

SPOTLIGHT: Top 10 Executive Shake ups

Tue, 18 Dec 2007 06:59:52 -0500

In 2007, we saw a lot of big-name executives get canned, including Charles Prince and Zoe Cruz. Check out this list of the biggest CEO stories of 2007, based on the most popular reports from this past year. Report

3. Zoe Cruz - Top 10 Executive Shake ups 2007

Sara Blatchly — Tue, 11 Dec 2007 13:56:28 -0500

Name: Zoe Cruz

Bank: Morgan Stanley

Former Position: CEO

Downfall: Not even Zoe Cruz could escape the credit crisis. After a solid 25 year run with Morgan Stanley, Cruz resigned in November after a massive writedown. Report

Women taking their lumps on Wall Street

Mon, 03 Dec 2007 06:59:57 -0500

Will a woman ever run a top Wall Street firm? Not too long ago, most people were betting on Zoe Cruz, formerly of Morgan Stanley, and Sallie Krawcheck, of Citigroup. They were soaring. But things have not turned out well for either. There's a good bit of controversy about the role gender played, subconscious or not, in the grounding of the Cruz missile. In any case, she's not going to be succeeding her one-time mentor at the only firm she ever worked at. So it turns to a group of newcomers to carry the very heavy mantle of top ranking women on the Street: Erin Callan, CFO of Lehman, Heidi Miller, CEO of treasury services at Morgan Stanley; and Amy Woods Brinkley, the chief risk officer at Bank of America. Good luck.

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

Related articles:
- Morgan Stanley's Zoe Cruz is ousted
- The two most powerful women on Wall Street
- More on the gender glass ceiling in financial services

Morgan Stanley's Zoe Cruz is ousted

Fri, 30 Nov 2007 06:59:58 -0500

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

Related articles:
- Cruz thrives at Morgan Stanley, despite odds
- The two most powerful women on Wall Street

Forcing the succession issue at Morgan Stanley

Fri, 09 Nov 2007 06:59:57 -0500

We've noted that a lack of succession planning has really come back to bite Merrill Lynch and Citigroup. Fresh from an announcement of $3.7 billion in writedowns, John Mack, CEO of Morgan Stanley, is in the uncomfortable position of having to designate his own replacement should he be ousted someday. But that's what succession planning is all about; it used to be a must-do for all CEOs. According to the New York Times, Mack has made clear he views Zoe Cruz as his successor. Her reputation has not been harmed by the credit fiasco, and she's been one of his top dogs since he arrived. Certainly, it's getting a bit dicey for Mack. The recent trading snafus have been painful. And S&P just downgraded its debt. Other candidates might include Walid Chammah, head of the European and Middle East operations, and James Gorman, of the brokerage division.

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

Related articles:
- And now it's Morgan Stanley's turn
- Whatever happened to succession planning?

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