Purcell to retire from Morgan

Looks like the Grumpy Old Men have prevailed. Early this morning, CNBC reported that Morgan Stanley CEO Phil Purcell has been fired by the board. Turns out Purcell will retire from the firm. Headhunter Tom Neff has been retained to conduct a search. It's unclear exactly what tipped the board's hand. It appears that, friendships not withstanding, they finally realized the cost of Purcell's ostensible victory was too great. Simply put, the bank was losing too much top talent. Now you have to wonder if this is too little too late. My sense is that the board will have to withstand some criticism for not acting earlier. The likes of Jospeh Perella are already gone, and it's doubtful they will suddenly return to the fold now.

> Here's an AP story on the coming retirement.