Morgan Stanley Plans to Keep Credit Card Units

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003070-morgan-stanley-plans-to-keep-credit-card-/

Morgan Stanley has no intention of selling its brokerage or credit card units, Chairman and Chief Executive Philip Purcell told investors Thursday, saying recent steps taken by the firm will revive profit growth at these laggard businesses.

Purcell said the company’s three divisions will work more closely together to boost revenue. The brokerage unit, for example, will sell more Discover cards, mortgages and services to clients. Likewise, brokers will offer more alternative investments, IPOs and other products created by the investment banking division.

Only if these businesses fail to fulfill their potential for faster growth in the next couple of years would he reconsider, Purcell said.

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