On February 5, 1997, Morgan Stanley & Co. and Dean Witter, Discover & Co. announced the $10.2 billion merger that created the global financial services firm, Morgan Stanley Dean Witter & Co. With over 47,000 employees in over 440 offices across 28 countries, the merger paired Morgan Stanley's investment banking, asset management, and its sales and trading experience with Dean Witter's large retail distribution network. Because of its capital and overall financial strength, the firm is well-positioned to meet the financial needs of clients on a global basis. The History of Morgan Stanley & Co. Morgan Stanley & Co. Incorporated was founded as a result of the 1933 'Banking Act' which required J. P. Morgan & Co. to split its securities and commercial banking business. J. P. Morgan & Co. chose its banking business and in the following year, several of J. P. Morgan's partners and staff resigned to organize the investment banking firm of Morgan Stanley & Co. Incorporated. With seven officers and a staff of thirteen employees, the new organization commenced business on September 16, 1935. The firm's initial offices, where it remained for almost forty years, were located at Two Wall Street. In 1941, the company retired all outstanding shares of common and preferred stock and created the partnership, Morgan Stanley & Co. In 1970, Morgan Stanley began a reorganization of its corporate structure in order to provide for better management of the risks and growth opportunities of its business. The corporate entity, Morgan Stanley & Co. Incorporated, was established on June 5, 1970, and by July of 1975, had assumed all the business of the partnership. In 1973, the firm relocated to midtown and started to build its top-ranked research department and asset management business. In 1986, Morgan Stanley offered its stock to the public and became a listed member of the New York Stock Exchange. From its most recent location at 1585 Broadway, the firm continues to execute first-class business in a first-class way. The History of Dean Witter & Co. Dean Witter had been started by Dean, Jean and Guy Witter in San Francisco in 1924, primarily as a dealer in municipal and corporate debt obligations. In 1929, Dean Witter opened an office in New York (although it was not until almost sixty years later that New York and not San Francisco was considered the firm's principal headquarters). Also in 1929, it became a member firm of the New York Stock Exchange for the first time. Given the importance of attracting qualified sales representatives, Dean Witter & Co. established one of the first formal brokers' training programs in 1945. In 1972, Dean Witter & Co. Incorporated was one of the first of the Wall Street firms to sell its shares to the public. It acquired Reynolds & Co. in 1978. Through acquisitions and internal growth, Dean Witter became the first brokerage house with offices in all fifty states and the District of Columbia in 1979. In December 1981, Dean Witter joined Sears Roebuck & Co. as the nucleus of its financial services group, and was instrumental in the successful launch of the Discover Card in 1986. In 1993, Sears spun off Dean Witter, Discover & Co. and Dean Witter continued to grow rapidly. The latest chapter is now unfolding as the firm with the large distribution network has joined Wall Street's preeminent investment bank to form Morgan Stanley Dean Witter & Co.