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Tuesday May 10, 11:04
Purcell: UBS speech means nothing
(by Olivia Cohen)

Purcell: UBS speech means nothing


Morgan Stanley said its Chief Executive Officer Philip Purcell, scheduled to speak at UBS AG’s financial-services conference at 8:10 a.m. in New York, will say little or nothing to resolve the issue the company faces.

The speech is Purcell’s first public appearance since his March 28 shakeup. Purcell is expected to be joined by Zoe Cruz and Stephen Crawford, whom he promoted to co-presidents on March 28, as well as Chief Financial Officer David Sidwell, according to Morgan Stanley spokesman Mark Lake.

Morgan Stanley has lost its key executives since Purcell, 61, stripped Stephan Newhouse of the president’s job and gave it to Cruz, 50, and Crawford, 40.

``The hope would be that he addresses the management changes, turmoil and departures and where they are in the process to rebuild the firm,’’ said David Katz, chief investment officer of New York-based Matrix Asset Advisors Inc., which holds about 1.2 million shares worth about $61 million.

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