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Tuesday April 05, 07:37
Morgan Stanley to sell its credit-card unit
(by Dr.Goldfinger)

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Morgan Stanley to sell its credit-card unit Morgan Stanley, the second-biggest securities firm on the globe, will probably try to sell its credit-card unit on the demand from its board to fire the company’s Chairman and CEO Philip Purcell.

Morgan Stanley’s board offered to sell the Discover cards division on Monday, the company said. The business is worth $14 billion, some analysts say. The unit’s revenue for the first quarter amounted to $996 million, or 14% of the company’s total.

On Monday, the company’s board wrote a letter to the employees saying «there is no fair or compelling case for a change in the CEO.»

Some analysts say that selling the unit is a good step for the company that faces fierce criticizm from its shareholders.

``We have absolute confidence in the choices our firm has made,’’ Purcell said.
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18 May 2005 09:00 AM MORGAN STANLEY RAISED ELECTROLUX TO "EQUAL-WEIGHT" FROM "UNDERWEIGHT"
17 May 2005 07:49 AM Morgan Stanley ordered to pay out $604 mln to Perelman
 


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