MWD: Morgan Stanley Dean Witt. Message Board

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Non-Tech : MWD: Morgan Stanley Dean Witt.

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From: JakeStraw	5/12/2005 9:12:33 AM
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Dissidents reveal plans to break up Morgan Stanley yahoo.reuters.com Thu May 12, 2005 09:04 AM ET NEW YORK, May 12 (Reuters) - A group of retired Morgan Stanley executives that has lobbied for Chief Executive Philip Purcell's ouster on Thursday disclosed plans to spin off the company's institutional securities division. In an open letter addressed to shareholders, the eight dissidents said they updated a preliminary proposal discussed in private with three nonexecutive Morgan Stanley directors on April 22. The dissidents say they want to remove Purcell, whom they blame for the firm's recent laggard performance, from managing the company's investment banking and trading businesses. Barring that, the group said, the company should spin off the institutional securities unit from Morgan Stanley's retail brokerage, money management and credit card businesses.

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