If I were a player there, I would want to work to an early undoing of the failed merger. Like life itself, not everything works out. Sometimes, the easier road ahead is the best road. I think that applies in this case.

The cultures of these two groups are very different, apparently. It may be the right time to acknowledge what has been a difficult arrangement, and to take the steps necessary to go forward.

Unlike the gossip on the Street and the gratuitous comments by observers, I happen to think all these managers are very capable people. There are no "losers" " but if they stay at odds there will soon be casualties.

Although a name doesn't come quickly to mind, it may be best for Dean Witter (and the Purcell team) to split off and try to merge with a more appropriate partner. This is a company that needs to shed its non-investment banking assets, however.

Morgan Stanley apparently would be of interest to Bank of America, which I think would be a mistake. If I were a shareholder, I'd prefer to see them merge with a smaller bank, and an internationally powerful bank like Canada's Royal Bank, which would be about the same size. There is a history there, going back some eighty years as I recall.

In any event, this infighting is not really about Philip Purcell, but it is all about a corporate culture clash, of which Purcell is a figurehead. Removing the competent Purcell will not resolve the problems, which is something the insiders would know.

And that's the reason this company ought to pull itself apart before trying to find solutions. Clearly, on Wall Street, size does matter, so a long-term solution is needed, quickly. Otherwise, in the short-term, the Goldman's, Lehman's and Bear's are going to eat their lunch.