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| Jitters hit top Wall Street banks | |
| (about 3 hours later) | |
| Shares in two US banking giants have fallen on Thursday as investors continue to worry about the turmoil in the global financial markets. | |
| Shares in Morgan Stanley fell 21%, while Goldman Sachs, the largest remaining independent investment bank declined 13%. | |
| Analysts fear the banks may not be able to stand alone as independent firms. | |
| The world's biggest central banks earlier pumped billions of dollars into markets to try to calm investor nerves. | The world's biggest central banks earlier pumped billions of dollars into markets to try to calm investor nerves. |
| Morgan Stanley shares have fallen 38% in the past week amid unprecedented turmoil in the global banking system. | |
| Independence threatened | |
| Morgan Stanley is believed to be seeking a partner to help it survive the financial storm. | |
| Analysts also said rival Goldman Sachs may not be able to remain independent. | |
| Events of the past week have reshaped the financial landscape including the rescue of insurance giant AIG, the collapse of Lehman Brothers and the takeover of Merrill Lynch by Bank of America. | |
| Central banks in the UK, US, Europe, Canada, Switzerland and Japan pumped $180bn into money markets on Thursday. | |
| They hope the co-ordinated move, the fourth such effort since the onset of the credit crisis last year, will keep credit flowing and calm volatile markets. | |
| US President George W Bush expressed concerns about the turmoil in the markets saying his administration was prepared to go beyond the "extraordinary measures" already taken to stabilize them. |