Cruz Role Is Cemented at Morgan Stanley

One of Wall Street's few leading ladies has cemented her position at Morgan Stanley(MS Quote).

Late Wednesday, Morgan Stanley CEO John Mack appointed the firm's vice chairman of investment banking, Robert Scully, as the co-president of the Wall Street firm. The move dispelled rumors that Mack would try to oust the other president, Zoe Cruz, by bringing in a more experienced executive to take her place.

Mack, who rose to the top seat at the firm after a highly publicized battle with former chief executive Philip Purcell, was said to be considering other, more seasoned executives who could potentially strong-arm Cruz out of her role. ...