


                                                                    Exhibit 23.3


                         CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in Amendment No. 2 (Post-Effective
Amendment No. 1) to Registration Statement on Form S-4 (No. 333-25003) on Form
S-8 of Morgan Stanley, Dean Witter, Discover & Co., pertaining to the Morgan
Stanley Group Inc. 1995 Equity Incentive Compensation Plan, Morgan Stanley Group
Inc. 1988 Equity Incentive Compensation Plan, and Morgan Stanley Group Inc. 1986
Stock Option Plan, of our reports with respect to the consolidated financial
statements and financial statement schedule of Morgan Stanley Group Inc. dated
January 7, 1997 included and incorporated by reference in its Annual Report on
Form 10-K for the fiscal year ended November 30, 1996 and dated May 27, 1997
included in the Current Report on Form 8-K of Morgan Stanley, Dean Witter,
Discover & Co. dated May 31, 1997, filed with the Securities and Exchange
Commission.

/s/ ERNST & YOUNG LLP

New York, New York
June 2, 1997



