It Gets Worse at Morgan Stanley

By Emily Thornton

TALK OF A COUP. Purcell remains unapologetic about his management choices. He told the firm's managing directors on Mar. 29 that he selected Crawford primarily because of his broad experience and strong feel for the rapidly changing global regulatory environment. Purcell chose Cruz for her solid record in running the firm's fixed-income business, one of Morgan Stanley's most profitable units.

Still, a widespread impression is intensifying that Purcell may be more concerned about holding on to his own job than he is about improving Morgan Stanley. Insiders and competitors alike say Purcell forced out the president of the firm's investment bank, Vikram Pandit, and the head of its equities division, John Havens, to fend off an at

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