Seven top bankers from Morgan Stanley have resigned despite claims by Philip Purcell, chief executive, that morale at their division was solid. They leave a unit Purcell would retain control of under new plans to split the firm in two.

Tarek Mooro, Fredrik Plyhr, Eran Ben-Zour, Andrea Brignone, Carlo Michienzi, Matteo Pusineri and Randol Curtis, all of whom are London-based private bankers, resigned in April.