Morgan Stanley Bloody year ahead

Morgan Stanley boss Phil Purcell is still in charge of the castle. But his courtiers have removed some of the buttresses that made his reign impenetrable. The investment bank’s board bowed to the forces of good governance and removed byelaws that hindered the ability of shareholders – even a majority of directors for that matter – to replace him. But this is no snap victory for the dissident former employees waging a war to unseat Purcell. In making these corporate governance changes, the board...