Morgan Stanley to spin off Discover
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Morgan Stanley, the second-largest investment bank by market value, said on Tuesday it will spin off its Discover credit-card division and posted better-than-expected quarterly results on strong banking and trading.
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Morgan Stanley  on Tuesday said it will spin off its Discover division, ending its foray into credit cards, as the parent company capped a record year with better-than-expected quarterly results.
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Morgan Stanley reported strong third-quarter profit in a further sign that the changes put in place by its chief executive, John J. Mack, were taking root.
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Morgan Stanley said it will close its business in Britain that issues home loans and significantly curb its mortgage business in the United States.
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Lazard, the world&#39;s largest independent investment bank, has appointed Goldman Sachs to advise on a possible Â£1.7bn initial public offering, or potential spin-off of its asset management or UK broking arms, it has been reported.
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SHANGHAI â Morgan Stanley, the investment bank, and the Chinese government said Monday that the bank had determined the range of prices to be used when Chinaâs international investment fund converts $5 billion in securities into Morgan Stanley stock.
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Altria Group Inc., the world's largest tobacco company, plans to spin off Philip Morris International after being pressured by investors who want faster overseas growth and less risk from US smokers' lawsuits.
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In a move that IAC/InterActive Corporation (Nasdaq: IACI) says will improve the company&#39;s outlook by investors, it plans to spin off its travel websites.
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U.S. investment bank Morgan Stanley  on Wednesday said quarterly profit dropped 34 percent amid reduced trading revenue, falling well short of Wall Street's already-lowered expectations and pushing the company's shares down more than 8 percent.
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Morgan Stanley  on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion.
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The spinoff of the investment banking division is a smart way to capitalize on the boom in the markets.
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Morgan Stanley , the world's biggest securities firm by market value, is offering its top-paid traders and bankers millions of dollars of incentives to avoid defections to rival banks and to attract new hires.
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Stocks were set to open little changed on Wednesday after Morgan Stanley  announced a $5 billion investment from a Chinese government fund, offsetting news of huge losses by the investment bank.
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Morgan Stanley's  Discover Financial Services unit may struggle to gain more acceptance among merchants and higher transaction volumes after its spinoff, financial publication Barron's reported in its July 2 issue.
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China has agreed to pump $5 billion into Morgan Stanley as the U.S. investment bank reported a stunning fourth-quarter loss fueled by $9.4 billion in write-downs in subprime mortgages and other assets.
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China agreed to pump $5 billion into Morgan Stanley  as the U.S. investment bank reported a stunning fourth-quarter loss fueled by a bigger-than-expected $9.4 billion of write-downs in mortgages and other assets.
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Morgan Stanley (MWD.N: Quote, Profile, Research) and Bear Stearns Cos. Inc. (BSC.N: Quote, Profile, Research) , two of Wall Street&#39;s biggest