Purcell under fire from ex-Morgan Stanley bankers

Former president and chairman blame CEO for underperformance

Tuesday 29 March 2005 at 16:00

Prominent former Morgan Stanley executives today hit out at the bank for failing to respond to their concerns about the bank's underperformance and for pushing through a management reshuffle they said could further damage the business.

Their comments came in a statement issued this afternoon after Philip Purcell, chief executive, appointed two new co-presidents replacing Stephan Newhouse, whose future role at the bank has not been disclosed.