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| Version 2 | Version 3 |
|---|---|
| Jitters hit top Wall Street banks | Jitters hit top Wall Street banks |
| (about 10 hours later) | |
| Shares in two US banking giants have fluctuated sharply as investors continued to worry about the turmoil in global financial markets. | Shares in two US banking giants have fluctuated sharply as investors continued to worry about the turmoil in global financial markets. |
| Shares in Goldman Sachs, the largest remaining independent US investment bank, declined 13% in afternoon trade before paring losses to end 5.7% down. | Shares in Goldman Sachs, the largest remaining independent US investment bank, declined 13% in afternoon trade before paring losses to end 5.7% down. |
| Meanwhile Morgan Stanley shares were down 21%, before ending up 3.7% on reports it was looking at a tie-up. | |
| Analysts fear independent banks may not be able to stand alone. | Analysts fear independent banks may not be able to stand alone. |
| The recent dramatic changes in the market have led to greater consolidation, including the acquisition of Merrill Lynch by Bank of America earlier this week. | The recent dramatic changes in the market have led to greater consolidation, including the acquisition of Merrill Lynch by Bank of America earlier this week. |
| Independence threatened | Independence threatened |
| Morgan Stanley is believed to be seeking a partner to help it survive the financial storm. | 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. | Analysts also said rival Goldman Sachs may not be able to remain independent. |
| Shares on the leading Dow Jones Industrial Average were boosted sharply on Thursday by reports of a move by the federal government to create an entity for banks to offload their bad debt. | Shares on the leading Dow Jones Industrial Average were boosted sharply on Thursday by reports of a move by the federal government to create an entity for banks to offload their bad debt. |
| The leading index added more than 400 points, or 3.8%, by close of trade on Thursday after falling 4% lower in the previous session. | The leading index added more than 400 points, or 3.8%, by close of trade on Thursday after falling 4% lower in the previous session. |
| 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. |
| Central banks in the UK, US, Europe, Canada, Switzerland and Japan pumped $180bn into money markets on Thursday. | 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. | 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 stabilise them. | 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 stabilise them. |