Morgan Stanley's Ruth Porat Withdraws Name From Deputy Treasury Race

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Ruth Porat is staying put.

The New York Times reports that Morgan Stanley‘s Chief Financial Officer informed the White House on Wednesday that she wanted her name withdrawn as a candidate for Deputy Treasury Secretary, according to people familiar with her plans but not authorized to speak on the record.

Ms. Porat, a longtime Morgan Stanley banker who in early 2010 was named the bank’s Chief Financial Officer, decided to take her name out of the running in part because she did not want to face questions about her finances and was worried about a highly charged environment in Washington against Wall Street bankers, according to these people.

Ms. Porat’s exact net worth is not known, but she made more than $10m in 2011 alone, the most recent year for which her compensation is available. Jack Lew, the man who would have been her boss had she been confirmed as deputy Treasury secretary, faced pointed questions during his confirmation about the compensation he received while working on Wall Street.

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Ruth Porat Withdraws Name From Deputy Treasury Race

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