Morgan Stanley to keep Discover, sell aircraft

August 17, 2005, 12:00 a.m. 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.

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