Morgan Stanley co-president Zoe Cruz, who rose in the firm through the fixed-income business segment that includes mortgage-backed securities, is departing the firm as part of a leadership reorganization in the wake of subprime mortgage-related writedowns at the company.Ms. Cruz, 52, has been considered one of Wall Street's more notable women executives and a one-time rising star at the firm. Also in connection with the reorganization, Walid A. Chammah and James P. Gorman are becoming co-presidents, and Robert Scully is joining a newly created Office of the Chairman. In addition, Michael "Mitch" Petrick is to oversee the firm's trading business and serve as co-head of institutional securities sales and trading, alongside Jerker Johansson; and Neal Shear has been named chairman of the firm's commodities business.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
2h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
3h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
4h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
6h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18