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NEW YORK - MORGAN Stanley said it was reshuffling its leadership and bidding farewell to retiring co-president Zoe Cruz, long considered a pillar of the major investment bank and a potential successor to CEO John Mack.
Ms Cruz spent 25 years with the company and her retirement was to take effect Dec 1, the company said in a statement on Thursday. The other co-president, Mr Robert Scully, was to join a new bureau called the Office of the Chairman, with a focus on global sovereign investors.
Mr Walid Chammah and Mr James Gorman were named the new co-presidents.
The management changes come amid a swell of reshuffling in the banking sector as it struggles to cope with a burgeoning US mortgage crisis. It has also caused the CEOs of Citigroup and Merrill Lynch to leave their posts.
Morgan Stanley, which is to announce fourth quarter earnings next month, reiterated that losses disclosed in early November 'reflect the full extent of the firm's direct subprime-related exposure, as of October 31, 2007'.
The firm last month scaled back its residential mortgage business and cut nearly 600 jobs globally as it repositioned to deal with turmoil in the housing-related credit sector. -- AFP
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