What year did Morgan Stanley spin off Discover Financial Services?

Morgan Stanley spun off Discover Financial Services in the year 2007. This event marked a significant moment in the financial services industry, as Discover, which was originally part of Morgan Stanley, became an independent publicly traded company. The spinoff allowed Morgan Stanley to focus more on its core investment banking and financial services business, while Discover could concentrate on its credit card and payment services. The establishment of Discover as a separate entity allowed it to pursue its strategies without the constraints of being part of a larger financial institution. As a result, the company was able to enhance its position in the payments market, expand its offerings, and better respond to the competitive landscape of consumer finance.