Morgan Stanley: Purcell’s requiem

What is the straw that broke Philip Purcell’s back? There have been many worthy occasions for the departing Morgan Stanley boss to bow out. He has been under siege for months, first by shareholders, then by former executives and latterly by his own staff. But after a steady trickle of Morgan Stanley’s bankers and traders left for rivals, a relative calm had settled over the investment bank of late. Why change course now? The answer may be in the numbers. In a separate announcement from Purcell’s...