Head of Fixed Income Division Zoe Cruz was ranked the highest newcomer in the October 18 edition of Fortune's list of 50 Most Powerful Women in Business. The bi-weekly financial magazine ranked Cruz #16 on the list. Fortune also released the International Power 50 with Vice Chairman of Morgan Stanley International Amy Fawcett at #40.

In summarizing the seventh edition of the 50 Most Powerful Women list, Fortune editors characterized this crop of business leaders by writing: "they don't just run things — they build them." Cruz's debut on the list comes in recognition that she "has made her mark with some of the toughest critics on Wall Street: her fellow bond traders."

Amy Fawcett appeared on the International Power 50 — a list with only three women from the financial services industry. Fortune's list comprised women "who have an operating role in for-profit businesses outside the U.S."

Fortune compiles the lists by ranking candidates according to four criteria:

• the size and importance of the woman's business in the global marketplace
• her clout inside her company
• her career trajectory
• her cultural and social impact