Still he and his new co-presidents, Zoe Cruz and Stephen Crawford , said more departures are likely.
The woes in the sector have already seen the firm's highest ranked woman, Zoe Cruz, leave the firm.
But this may not work while Stephen Crawford and Zoe Cruz whose appointment triggered the exodus retain a prominent role at the firm.
Zoe Cruz lost her job at Morgan Stanley in December after that firm took billions of dollars worth of additional write-down on its mortgage holdings.
It thus seems that neither of the two highly regarded co-presidents he appointed recently, Zoe Cruz and Stephen Crawford, is yet thought ready to lead the firm.
Purcell has been shoring up his base as well, in meetings with shareholders and employees, accompanied by his newly installed co-presidents, Zoe Cruz and Stephen Crawford .
Late Monday, Purcell made co-presidents out of Zoe Cruz , head of fixed income, and Stephen Crawford , the chief administrative and risk officer, pushing aside current President Stephan Newhouse .
But the pressure mounted in late March, when he executed a surprise management shuffle that elevated Zoe Cruz and Stephen Crawford as co-presidents at the expense of then-president Stephan Newhouse.
Erin Callan of Lehman Brothers and Zoe Cruz of Morgan Stanley, both high-ranking executives, may very well have served as convenient scapegoats for their male bosses as the markets were crashing.
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Zoe Cruz was on the verge of being named the next CEO of Morgan Stanley when she was fired, which would have been a huge first for both that company and the industry.
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Perella initially agreed to stay last month, accepting the title of vice chairman reporting to Purcell, after a management shuffle that pushed Newhouse aside in favor of Zoe Cruz Zoe Cruz and Stephen Crawford Stephen Crawford .
Zoe Cruz lost her job at Morgan Stanley (nyse: MS - news - people ) in December after that firm took billions of dollars worth of additional write-down on its mortgage holdings.
After the market closed Thursday, Morgan Stanley (nyse: MS - news - people ) announced that co-President Zoe Cruz was retiring, making her the latest high-profile executive on Wall Street to be pushed to the exits in the wake of losses in the credit markets.
In an odd three-degrees-of-separation, White's old job as head of equity capital markets at Credit Suisse was reclaimed by Ernesto Cruz, who is married to Zoe Cruz , the former head of fixed income at Morgan Stanley whose promotion to co-president of the firm in March helped precipitate the management turmoil.
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