Stephan Newhouse, who was pushed out as president of Morgan Stanley this week, has turned down the bank's offer of a new position and resigned.

Newhouse told Morgan Stanley of his decision on Friday. A spokesman for the bank said: "Steve Newhouse is a banker's banker; a man of integrity, intellect and passionate commitment to his clients.Â  We respect his decision and we will miss him."

Anuj Gangahar in New York

David Rothnie

Morgan Stanley

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Newhouse quits Morgan Stanley

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