Philip Purcell, who resigned as chairman and chief executive of Morgan Stanley two weeks ago, filed to sell $40m (€33.1m) worth of shares on the same day the bank handed him an exit payment of at least $44m, according to a Securities and Exchange Commission filing.

Purcell said in filing to the regulator on July 7 that he planned to sell 762,448 shares. He owned 3.5 million Morgan Stanley shares as of January 6, the last time he reported his holdings in the company.