Morgan Stanley to keep Discover, sell aircraft

Published August 17, 2005 12:00 AM EDT 1 Min Read

Morgan Stanleyannounced that it would retain its Discover credit card unit, as well as sell its aircraft-leasing unit, CEO John Mack announced. Discover had been speculated to be on the block under former CEO Phillip Purcell. Discover mad up 19% of Morgan Stanley’s profit last year, the company added. Its aircraft leasing business, which owns 155 planes, will result in a $1 billion after-tax charge once sold.

For reprint and licensing requests for this article, click here.

Uncategorized

More From Asset Securitization Report

Esoteric ABS

Aircraft debt sales are rebounding after Russia plane seizures

Sales of airplane leases bundled into bonds have climbed to more than $5 billion this year, from around $1 billion in 2022 and 2023.

October 11

RMBS

Morgan Stanley gets ready to sell $328.6 million in RMBS

In many ways the pool exhibits prime characteristics that are in line with other transactions from the MSRM platform, with an original FICO score of 772, an original loan-to-value ratio of 73.9%, and an original cumulative LTV of 74.2%.

By Donna Mitchell

Editor

Financial Planning

January 26

Investment banking

Morgan Stanley’s Ted Pick will succeed James Gorman as CEO

Ted Pick, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank said in a statement Wednesday.

October 25

Securitization

Morgan Stanley CEO Gorman to step down within 12 months

Gorman, who transformed Morgan Stanley after it nearly collapsed during the global financial crisis, plans to assume the role of executive chairman.

May 19

M&A

Morgan Stanley to purchase Eaton Vance for about $7 billion

Morgan Stanley agreed to purchase Eaton Vance for about $7 billion in CEO James Gorman's second major acquisition this year, both of which tilt the investment bank further toward the steadier business of money management.

October 8