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While the naming may indicate that they are similar companies, they are independent entities. J.P Morgan's grandson, Henry Morgan, founded Morgan Stanley in 1935. As such, Morgan Stanley is a standalone investment bank and does not currently have any relations with J.P. Morgan.
Purcell was named chairman and chief executive of what became Morgan Stanley, Dean Witter, Discover & Company, later shortened to Morgan Stanley in March 2001. Mack stayed on as president until 2001.
In 1981, Dean Witter Reynolds was acquired by Sears, Roebuck and Company in a $600 million transaction. Sears' core retail business was facing several challenges, and the company decided to diversify into new businesses, including financial services.
The company was acquired by Sears in 1981, and was renamed "Dean Witter, Discover & Co." in 1993 when Sears spun off the company. The company also owned Discover Card. In 1997, Dean Witter, Discover & Co. merged with investment banking house Morgan Stanley to form "Morgan Stanley Dean Witter & Discover Co.".
In 1981, Dean Witter Reynolds was acquired by Sears, Roebuck and Company in a $600 million transaction. Sears' core retail business was facing several challenges, and the company decided to diversify into new businesses, including financial services.
Purcell was named chairman and chief executive of what became Morgan Stanley, Dean Witter, Discover & Company, later shortened to Morgan Stanley in March 2001.
In July, 1993 Sears completed its spin off of Dean Witter Discover. Sears had purchased Dean Witter in 1981 and had created Discover in 1985. In 1995, Sears spun off Allstate to focus on its retail business.
In October 2020, the company completed its acquisition of E*Trade, a deal announced in February 2020 for $13 billion, the biggest acquisition by a U.S. bank since the global financial crisis. In March 2021, Morgan Stanley completed its acquisition of Eaton Vance, a deal announced in October 2020.
Morgan Stanley and Dean Witter merged in 1997, creating America's largest asset management company and securities firm in terms of equity capital. The resulting name, Morgan Stanley, Dean Witter, Discover & Company, was shortened to Morgan Stanley in March 2001.
E*TRADE is now E*TRADE from Morgan Stanley. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Underpinning all that we do are five core values.