Dean Witter Co. was a highly reputed stock brokerage firm in the United States. The company is also known as Dean Witter Reynolds. In the year 1997, there was a merger between Dean Witter Reynolds and the Morgan Stanley Group. The company formed as the result of the merger was named Morgan Stanley Dean Witter.
Presently, the consolidated firm is known as Morgan Stanley.
Dean Witter Reynolds was a U.S. stock brokerage firm, which primarily served the middle class people. It was incorporated in San Francisco, California in the year 1924. At the time of its inception, it functioned as a retail stock brokerage firm.
The national research department of Dean Witter was founded in the year 1938. By the mid 1940s, Dean Witter was regarded as one of the earliest retail brokerage firms to impart formal training to accounts and finance executives. Dean Witter is also considered to be the first firm, which implemented EDP (Electronic Data Processing), which was a pathbreaking initiative for securities trading in the New York Stock Exchange (NYSE).
Over the passage of time, Dean Witter acquired a number of stock brokerage firms. After this, Dean Witter took the form of a publicly traded firm, which is assumed as the biggest merger in the securities industry in the history of Wall Street. Later on, Dean Witter also held the rank of the earliest stock brokerage firm, which had its offices located in every state of the U.S., as well as Washington D.C.
Dean Witter was taken over by Sears, Roebuck and Company in the year 1981.
In the year 1986, the company introduced a new brand of credit card, which is known as Discover Card.
In the year 1993, there was a spin-off of the company (20%) by the shareholders of Sears and afterwards, the name of the company was changed to Dean Witter, Discover and Company.
Ultimately, there was a merger between Dean Witter Discover and Morgan Stanley Group, Inc. in the year 1997 and the firm formed as the result of the merger was named as Morgan Stanley Dean Witter. In order to enhance marketing and brand identification, the name Dean Witter was omitted from the retail services department, and it became Morgan Stanley.
Last Updated on : 27th June 2013