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Philip Purcell, embattled CEO of investment bank Morgan Stanley has announced his resignation. Effective as soon as a successor is found, Mr Purcell will leave no later than March 2006.

In a letter to colleagues on the Morgan Stanley website, Mr Purcell makes reference to the recent turmoil at the bank;-

"It has become clear that in light of the continuing personal attacks on me, and the unprecedented level of negative attention our Firm -- and each of you -- has had to endure, that this is the best thing I can do for you, our clients and our shareholders. "

The search for a new Chairman and/or CEO will be led by Chuck Knight, head of the Compensation, Management Development and Succession Committee.

Mr. Purcell came from Dean Witter Discover when it merged with the investment bank.

Management changes pushed through by Mr. Purcell obviously ruffled feathers. Eight former executives have ran a high profile campaign to oust Mr. Purcell.

A number of other defections have caused trouble. Last week nine trading executives left the Equities Division for Wachovia.

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