The ousting came three weeks after Morgan Stanley revealed it had lost more than $3.7bn on a subprime mortgage bet that went disastrously wrong.Sub-prime casualties keep climbing.
... John Mack, Morgan Stanley’s chairman and chief executive, initially decided to take no action against Ms Cruz after discussing the matter with his board.
But after a longer “post-mortem”, he concluded that changes were needed, according to someone familiar with his thinking.
For more on the change:
Financial News Update (Dec 10)