When Austin Koenen died in 1998, Morgan Stanley needed to find someone to take his place as chief executive of China International Capital Corp., a joint venture it had set up to groom state-owned Chinese companies for public stock offerings.
“I’ll do it,” blurted Elaine La Roche, one of the few women in the senior ranks of the Wall Street investment bank, recalled Jack Wadsworth, who headed Morgan Stanley’s Asian operations at the time. That she got such a critical job demonstrated Morgan Stanley’s confidence in Ms. La Roche,...
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