Five top brokerage managers left Morgan Stanley

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Friday May 13, 09:51

Five top brokerage managers left Morgan Stanley

(by Helen Snow)

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Five top brokerage managers left Morgan Stanley

Morgan Stanley five senior brokerage managers in charge of European and Middle Eastern business left the company after CEO Philip Purcell declared May 10 that morale at the unit is ``solid.’’

Tarek Mooro, Fredrik Plyhr, Eran Ben-Zour, Andrea Brignone and Carlo Michienzi have left the company, said Hugh Fraser, a Morgan Stanley spokesman in London.

The quits may cause a lack of support for Purcell in his fight to prevent his dismissal and the firm’s breakup. The group of eight former executives yesterday proposed that the firm should separate its investment bank, leaving the brokerage, asset management and Discover card units for Purcell’s governing because he has ``failed to integrate the two firms.’’ The move might mean Morgan Stanley’s come back to its pre-merger status as an investment bank.

Morgan Stanley’s brokerage unit that counts 350 brokers brings less profits than those at rivals Merrill Lynch & Co. and Citigroup Inc.

Morgan Stanley spokesman Mark Lake stated that they consider the group’s proposal a ``publicity stunt’’ and the firm has no plans to split apart.

The departures contributed to Morgan Stanley’s stock troubles. The company’s shares have fallen more than 50% since hitting a record of $109.38 on Sept. 11, 2000.

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