HSBC mulling bid for Morgan Stanley, reports say

LONDON - The world's second-largest bank, HSBC, is mulling a bid for Morgan Stanley, the UK's Independent on Sunday says.

The paper said Chairman John Bond was being pressed by senior directors within the group's investment banking division.

HSBC was not immediately available for comment on the report.

Morgan Stanley is the US's second-biggest securities house. On Friday its leadership team sought to rally support as a group of shareholders campaigned for Chief Executive Philip Purcell to be ousted and a key figure resigned from the firm.

Morgan Stanley's two new co-presidents, appointed a week ago, met employees, clients and investors. The company also said on Friday that Stephan Newhouse, who was replaced as president in the management shake-up, had resigned after considering another, unspecified job at the firm.

- REUTERS