Morgan Stanley reviews risk officer position
CFO Colm Kelleher in line to take over risk management following crunch
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.