Morgan Stanley sees wave of exits

NEW YORK -- There was more fallout from Morgan Stanley's management shakeup yesterday, as the investment bank's global head of institutional equity trading resigned, joining other high-ranking executives who have walked out.

A company spokeswoman confirmed the departure of Guru Ramakrishnan.

His decision to leave came a day after the resignations of his boss, John P. Havens, the head of the Institutional Equity Division, and Vikram S. Pandit, president and chief operating officer of its Institutional Securities Group.

The wave of exits follows chief executive Philip Purcell's decision to replace president Stephan Newhouse with two co-presidents, Morgan Stanley veterans Stephen Crawford and Zoe Cruz.

Meanwhile, the firm's former chairman and former president are calling for the ouster of Purcell, saying the shakeup he engineered was not in the best interest of the company.

The company promoted one of its foremost investment bankers, Joseph Perella, to vice chairman.

Perella , a highly regarded dealmaker, was chairman of Morgan Stanley's Institutional Securities Group.