The New York investment bank plans to divest itself of the credit card business in the third quarter of 2007, pending regulatory approval.
Shareholders for years complained that the business was an odd fit for the securities firm, the Wall Street Journal said Tuesday.
Former Morgan Stanley Chairman and Chief Executive Philip Purcell, who helped form Discover, long championed its steady revenue and diversification. But, he had changed his mind by the time he resigned last year.
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