Morgan Stanley preparing to spin off Discover card unit.

From: Chicago Tribune (Chicago, IL) | Date: April 5, 2005 | Copyright information

Byline: Andrew Countryman

CHICAGO _ Since Philip Purcell helped launch the Discover card at Sears, Roebuck and Co. in 1985, they both have undergone major changes.

Sears spun off the Dean Witter Discover unit in the early 1990s, and that later merged with Morgan Stanley in 1997, with Purcell taking over as chief executive of the combined company.

Discover, meanwhile, has gone from an upstart challenger to giants Visa, MasterCard and American Expres...

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