The announcement yesterday ended a public power struggle between Mr. Purcell and dissident former executives.

It will be delivered today to dissident executives.

Indeed, Morgan Stanley bankers, not to mention the dissident executives, have accused the board of coddling him.

Several dissident executives who were fired by Mr. Chávez would be welcomed back as part of this agreement, these people said.

And if the eight dissident executives win, they will take over a bruised and battered firm.

The dissident executives took heart in the removal of Gastón Parra during the protests.

From the beginning, Mr. Purcell said he recognized the severity of the letter, given the standing of the dissident executives at the firm.

The dissident executives have proposed that the firm's institutional and retail components be split in two as a means to stem the departures.

For the dissident executives, the continued weakness of the firm's retail division poses its own dilemma.

He also took the opportunity to announce that he had fired 7 dissident executives and forced 12 more to retire.