Investment bank Morgan Stanley will transfer a Discover Financial Services residential mortgage unit into its fixed-income division, creating a vertically integrated mortgage business, the company said in an internal memo sent to its employees.
The move comes as newly installed Co-Presidents Steve Crawford and Zoe Cruz start the work of integrating Morgan Stanley’s securities, brokerage and money management divisions. Last month the company said it plans to spin off Discover, which has $48 billion in credit card loans and a payment network reaching 4 million merchants.
For this complete story, please visit Morgan Stanley Combines Mortgage Businesses.
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