Philip Purcell, the embattled chief executive of Morgan Stanley, has warned that weaker markets could hurt the bank's second-quarter results as he publicly defended his management strategy for the first time.

Purcell, who was speaking at a conference hosted by UBS in New York, said the bank's return on equity has been "middle of the pack".

Morgan Stanley's Purcell warns on profits

Anuj Gangahar in New York

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