Article: Hunt for new leader appears to deepen divisions at Morgan Stanley

Landon Thomas Jr.
International Herald Tribune
06-21-2005
When Philip Purcell decided to step down as chief executive of Morgan Stanley last week, he expressed the hope that his departure would begin to unify a firm fractured by years of infighting. ''Let's get back to work,'' he said in a letter to employees.Instead, his decision seems to have deepened divisions within the firm, putting more pressure on a board that is struggling to find the appropriate candidate to calm the troubled investment banking franchise.Last week, a senior managing director with close ties to Zoe Cruz, a recently appointed co-president of Morgan Stanley, began sounding out bankers there about Cruz as a possible ...

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