HOUSTON - There could be more new bosses at Discover, the parent company that merged with the formerly member owned Pulse Debit network. A press release from the financial firm of Morgan Stanley says the company plans to spin Discover off to its shareholders The Pulse ATM and EFT Association became a part of the Discover credit card brand in late January and the network says that the pending change will not have an impact on its operations or plans. "From our perspective, nothing has changed," said Cindy Ballard, executive vice president for Pulse. "We are still at work providing the ATM and EFT networking that our clients expect." This is the right time for the Board of Directors and management to consider such action," said Philip J. Purcell, Morgan Stanley's chairman and chief executive officer. "Each business - securities and payments - is exceptionally well positioned in its respective marketplaces, with world-class brands, strong momentum and significant growth opportunities." Press outlets reported that major stockholders in Morgan Stanley had forced the sale, decrying the Discover brand's alleged drag on the financial firm's profits.
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From the April-13, 2005 issue of Credit Union Times Magazine • Subscribe!
Discover Spin-off Will Not Affect Pulse
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