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Morgan Stanley Executive Ousted After Trading Loss

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Morgan Stanley, its reputation battered over a recent $3.7 billion subprime trading loss, has become the latest Wall Street firm to force the retirement of a senior banking executive.

The company said yesterday that Zoe Cruz, a co-president who oversaw all the firm's trading and risk operations, would retire, effective immediately. To succeed her, John J. Mack, Morgan Stanley's chief executive, named two executives to be co-presidents: Walid A. Chammah, the head of European and Middle Eastern operations, and James P. Gorman, the retail chief.

Read the whole story at New York Times