Morgan Stanley secures investment

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Japanese banking giant Mitsubishi UFJ has completed a $9bn (Â£5.2bn) deal to buy a 21% stake in Morgan Stanley.

The deal provides much needed financing for the battered Wall Street bank.

Mitsubishi was able to secure more favourable terms for the deal after Morgan Stanley shares plunged along with the rest of the banking sector.

Mitsubishi will receive preferred stock that carries a 10% dividend. The original deal involved both common stock and preferred shares.