51.   One year later, the relationship between the two executives has proven to be extremely tense.

52.   She said, however, that fund managers had become unhappy with how Morgan Grenfell had handled the situation, including the firing of the five executives in October.

53.   Since the companies announced they would merge in December, the two executives have had monthly private planning sessions.

54.   Six months later, however, two of the three executives have announced plans to depart.

55.   Some analysts are skeptical that the two executives can patch up their differences.

56.   Stonecipher and Condit discussed the merger Wednesday from the same place the two executives stood together seven months ago to announce the companies would unite.

57.   Still, the two executives continued to disagree on the history of their battle.

58.   That could happen even before a trial, since Nomura admitted when the scandal broke in March the two executives had violated securities law by compensating Koike.

59.   The agreements include coverage of legal and moving fees, and require Columbia and the two executives to keep matters pertaining to the investigation confidential.

60.   The best opportunities for U.S. banks, brokers and securities firms to expand lie outside the U.S., the three executives said.