Discover Financial Services - Investor Relations

1000 New Jobs for Cumbernauld

Up to 1000 new jobs are to be created in Cumbernauld over the next five years by one of America's top financial services companies, it was announced today (April 7, 1999).

Morgan Stanley Dean Witter & Co is to create a new financial services operation centre that will provide customer service and related support for new financial products in Europe.

Amelia Fawcett, Chief Administrative Officer of Morgan Stanley Dean Witter in Europe said: "Scotland's wealth of resources was a decisive factor in the selection of Cumbernauld and Locate in Scotland, the Lanarkshire Development Agency and the Scottish Office have all been instrumental in helping us reach our decision. With an important existing presence in Europe, including our headquarters in London, this new centre underlines our continued commitment to the UK."

The project was won for Scotland after the company had carefully reviewed other locations in Europe by Locate in Scotland, the joint Scottish Office/Scottish Enterprise inward investment agency working in partnership with Lanarkshire Development Agency.

The Rt Hon Donald Dewar MP, Secretary of State for Scotland, said: "I am delighted that an internationally renowned financial services company such as Morgan Stanley Dean Witter has chosen Scotland as the location for its new customer services support centre.

This is a massive jobs boost for North Lanarkshire and follows on from other recent announcements in this sector, which between them will create just over 1,300 new jobs over the next five years. This investment also enhances Scotland's position as one of Europe's leading financial centres and reinforces our ability to attract major investment in the face of strong international competition. It demonstrates yet again, our ability to provide investors with the right people, with the right skills, and with the flexibility to meet the demands of modern business."

The company are to occupy a 75,000 sq. ft building at Orchardton Woods in Cumbernauld. Recruitment will start immediately and almost 300 jobs are expected to be filled by the end of this year.

Iain Carmichael, chief executive of Lanarkshire Development Agency, said: "This investment is a tremendous boost to Cumbernauld and Lanarkshire as it recognises the outstanding quality of our people and our business locations. The creation of these highly skilled jobs acknowledges Lanarkshire's ability to offer a highly motivated, committed and flexible workforce. Together with Lanarkshire's reputation as a first class business location and its position at the heart of Scotland's transport infrastructure, we have once again been able to encourage a world class company to locate here in Lanarkshire."

Discover Financial Services, a business unit of Morgan Stanley Dean Witter & Co., operates the Discover Card brands with more than 50 million Cardmembers and the Discover Business Services Network. Discover Business Services is the largest independent credit card network in the United States with more than 3.6 million merchant and cash access locations.

CONTACT:
Darlene Braithwaite
Further Information check Web site http://www.lis.org.uk