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| Morgan Stanley in 20% stake sale | |
| (30 minutes later) | |
| Japanese banking giant Mitsubishi UFJ Financial Group has said it will buy a stake in troubled Wall Street rival Morgan Stanley. | Japanese banking giant Mitsubishi UFJ Financial Group has said it will buy a stake in troubled Wall Street rival Morgan Stanley. |
| The firm said the stake will account for 10% to 20% of Morgan Stanley's common shares. | The firm said the stake will account for 10% to 20% of Morgan Stanley's common shares. |
| A price has not yet been decided. Further details will be revealed after the group has completed due diligence. | A price has not yet been decided. Further details will be revealed after the group has completed due diligence. |
| Morgan Stanley has been humbled by the credit crisis tearing through the world's financial system. | Morgan Stanley has been humbled by the credit crisis tearing through the world's financial system. |
| It was widely reported last week that Morgan Stanley was looking for a tie-up to reassure investors worried about its financial health. | |
| The sudden demise of US investment bank Lehman Brothers last week triggered a dramatic collapse in confidence in the world's financial institutions. | |
| The ensuing turmoil in global markets has forced major changes in the financial landscape. | |
| Morgan Stanley and Goldman Sachs - the two last major investment banks on Wall Street - have been forced to change their status to take deposits from investors to raise funds. |