Morgan Stanley’s finally gotten some outside capital, from Japan. Sorry, China, it was probably fears of Communism that did you in.
In a prepared statement, Morgan Stanley Chairman and Chief Executive John J. Mack, said: “This strategic alliance with Mitsubishi UFJ can put Morgan Stanley in an even stronger position as we look to realise the opportunities we see in the rapidly changing financial marketplace.”
MUFG’s move follows on another initiative by a Japanese company to capitalise on the turmoil on Wall Street. Earlier Monday Nomura Holdings Inc., Japan’s largest brokerage house, agreed to pay $225 million for the Asian operations of failed Wall Street firm Lehman Brothers Holding Inc., people familiar with the matter said.
Business Insider Emails & Alerts
Site highlights each day to your inbox.