Morgan Stanley, Dean Witter to Form Giant Financial Firm
Marriott, Anne, The Washington Times (Washington, DC)
In a deal likely to rewrite the traditional pecking order in American finance, Dean Witter, Discover & Co. agreed yesterday to buy Wall Street investment bank Morgan Stanley & Co. in a $10 billion stock merger that shatters all records for the securities industry.
The deal combines Dean Witter's extensive retail brokerage network, which sells stocks and bonds to the public, with Morgan Stanley's corporate merger and securities businesses to create one of the world's largest all-purpose investment banking houses.
The immediate consumer impact of the deal may be small, but analysts said the combination both reflects and fuels the populist investor revolution wrought by the rise of mutual funds, extending stock ownership to ever-growing ranks of small investors and …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Morgan Stanley, Dean Witter to Form Giant Financial Firm. Contributors: Marriott, Anne - Author. Newspaper title: The Washington Times (Washington, DC). Publication date: February 6, 1997. Page number: 7. © 2009 The Washington Times LLC. COPYRIGHT 1997 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.