NPR's Jim Zarroli reports that the brokerage and credit-card company Dean Witter agreed to a $9.9 billion merger with investment banking giant Morgan Stanley. Their merger would create the world's biggest securities firm. The announcement today brings Wall Street directly into the merger frenzy that has swept corporate America. Once again, the driving force is the strategic advantage of combining with a company that has complementary strengths. Dean Witter, Discover & Co. is strong in the "retail" brokerage business, selling stocks, bonds and such to the public. Morgan Stanley Group Inc. is a powerhouse in mergers and in underwriting securities. The stock-swap merger will create a new company called Morgan Stanley, Dean Witter, Discover & Co. with annual revenue of $12 billion.
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