Tuesday, May 6, 2008
The Fall of Zoe Cruz
This week's issue of New York has a great profile of the rise and fall of Zoe Cruz written by Joe Hagan. It's a long read, but well worth the trouble. Zoe Cruz spent 25 years at Morgan Stanley, the only place she'd worked since graduating from Harvard Business School in 1982. She rose from currency trader to president of the firm. In the end, she was fired by the person whom she thought was her most staunch ally, CEO John Mack.
The story illustrates just how much of a boys club Wall Street still is. It also shows just how much of a snake pit it is, especially at the highest levels. Most importantly, it shows that Wall Street, like any other place is both about results and politics. You need to be a master of both to get ot the top.
You'll have decide for yourself after reading it if Cruz was hired for a)being a woman, b)losing money, c)being hard to work for, or d)all of the above.
My answer is d.
The Wall Street Journal's take on the Cruz firing.