Word: purcelle
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At least eight bankers have left in a huff over the way the company is being managed, including president Stephan Newhouse; investment-banking boss Terry Meguid; and John Havens, head of stock trading. The fight has got so emotional that hundreds of employees on Morgan's vast New York City...
Morgan Stanley, split from J.P. Morgan's financial empire by regulators in 1935, has rarely seen such turmoil. For now, the brand remains strong. Stock and bond trading have been minting gold, and the firm has advised on seven of the 10 biggest takeovers in the world this year. But...
The dissidents, who collectively own 11 million Morgan shares, or about 1% of the company, have asked the board to remove Purcell and put Scott in charge. Their broad plan is to re-Morganize Morgan in part by ditching the firm?s moderate-income clients and focusing on the wealthy...
To understand how a venerable firm like Morgan got into this pickle, just do like they do on Wall Street and follow the money. When Chicago's Dean Witter bought New York City's Morgan for $10.4 billion and later adopted the Morgan name, Purcell became top dog. Morgan's...
Instead, Purcell consolidated power by building a loyal board and outmaneuvering Mack, who resigned in 2001. Chicago 1, New York 0. Since then, the Morgan side has had a serious case of seller?s remorse. Why? When the stock market turned down, the retail brokerage business hit the skids. The...