Seven candidates have emerged as potential successors to Philip Purcell, who abruptly resigned as Morgan Stanley's chairman and chief executive on Monday amid pressure from former bankers and shareholders. The search is expected to be concluded in five weeks.

The New York Times reports that Lawrence Fink, founder and chief executive of Blackrock, a US fixed-income asset manager, has emerged as a "serious" new contender to replace Purcell, citing people who have been briefed on the search.