Morgan Stanley is keeping pace with the strikes that follow the bank after the conflict between dissident executives and the company’s CEO Phillip Purcell as its eight-member team from stock-trading operations defected to rival Deutsche Bank AG, according to the Wall Street Journal.

The company faces hits since March 28 when five members of Morgan Stanley’s management committee had to resign being pressed by the company’s chief executive Purcell who did his best to appoint the people that could be useful for him in running the business and getting the highest profits.

The move appeared to be the mistake of Mr. Purcell as the dissident executives reacted with angry letters to the company’s board where demanded the ouster of Mr. Purcell and turning Morgan Stanley’s business to more realistic path with fierce critics of Purcell’s reorganization steps.

The attrition rate for Morgan Stanley is expected to be below the rate it saw in the past years, the company said.
"Morgan Stanley continues to provide full, first-class service to our equity clients. While disappointed by the departure of colleagues and friends, we are able to draw from the deep bench of talent to lead the business going forward," the company’s spokesman was cited by the WSJ as saying.