Morgan unit where the losses occurred.
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Morgan, according to Brian Watson, who led the private-equity unit, Morgan Capital, at the time.
Morgan's investment-banking unit posted a profit slide of 52% from last year and a revenue decline of 30%.
Discover represents 14% of Morgan Stanley's profit, and the unit's own profitability has improved in recent months.
Morgan already owns 51% in the retail brokerage unit and has options to buy the remaining portion from Citi through 2014.
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The Morgan analyst also upped his estimates on iPhone and iPad unit sales.
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To fund those lawyers and keep Skyhook at least in marginal growth, Morgan is chasing what he calls a 2-billion unit market for digital cameras and e-books.
Last year Morgan lowered its pre-tax profit margin goal for the unit to 15% for the middle of 2013.
Morgan Chase told The Wall Street Journal that its Chase retail unit had decided to drop its test of debit-card fees.
The unit was placed under a strategic review, as were Morgan Stanley's asset management and retail brokerage divisions.
Morgan Stanley (MS) spun off its FrontPoint Partners hedge fund unit, parting company with co-heads Dan Waters and Mike Kelly.
Plus, Smith Barney is a wealth management unit which provides a more steady stream of revenue and income for Morgan Stanley than other areas of business like trading.
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Morgan Stanley entered a joint venture agreement with Citi to acquire the Smith Barney unit and the merger has had plenty of bumps including longer than expected technology integration.
Morale in the Discover Card unit, which Purcell created in the 1980s--and which Morgan Stanley now plans to spin off--is the highest it's been in five or six years, he said.
Other companies paying into the global settlement include: Morgan Stanley , Goldman Sachs , Bear Stearns , Lehman Brothers , the UBS Warburg unit of UBS and Deutsche Bank .
Morgan, which led a syndicate in the bank loans, was trying to sell that unit but couldn't get a decent price.
Caught in the middle Friday was Morgan Stanley, where telephones were ringing steadily in the sixth-floor offices of its prime-brokerage unit, which caters to trading by hedge funds.
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