CFO Colm Kelleher in line to take over risk management following crunch
Accountancy Age, 24 Dec 2007
Giant investment bank Morgan Stanley is reviewing the role of chief risk officer Tom Daula following the credit crunch.
The FT reports that many executives feel Daula rang the warning bell about the dangers facing the bank too late. It is also said that his language was too technical to drive home the urgency of the sub-prime risk.
CFO Colm Kelleher is believed to be in line to take control of risk management and could have all the lines for risk management report to him if Morgan Stanley does opt to reform risk management.
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