Morgan Stanley: Neutrality pays

Why didn’t Morgan Stanley’s European business get caught up in the bank’s civil war? It’s hardly as if the fighting was irrelevant to London bankers. Yet there were no high-level resignations. And while sure, there were a few defections, there was nothing comparable to what happened on the other side of the Atlantic. The easy answer is geography. It always helps to be in the palace if you are going to participate in a palace coup. And London is an ocean away. But that doesn’t wholly wash. Morg...