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.
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As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
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