In 2007, the investment banking firms of Bear Stearns and Morgan Stanley each had two presidents (Warren Spector and Alan Schwartz at Bear, Robert Scully and Zoe Cruz at Morgan) reporting to one CEO (who was also chairman of the board); each president was essentially a co-COO (despite the lack of title) overseeing half of the firm's business divisions.
2007. godine, kompanije za investiciono bankarstvo Ber Stirns I Morgan Stanli imale su dva predsednika (Voren Spektor I Alan Švarc u Beru, Robert Skali I Zou Kruz u Morgan-u)koji su izveštavali jednog izvršnog direktora (koji je takođe bio predsednik odbora); svaki predsednik je u suštini kooperativni direktor (uprkos nedostatku zvanja) nadgledao polovinu divizija kompanije.