Morgan Stanley shares fell 7.7% today and are down 54.2% since the beginning of the year. Investors are concerned about the bank’s exposure to the Eurozone debt crisis.However, in a vote of confidence, Morgan Stanley’s largest shareholder Mitsubishi UFJ says it is staying put.
Mitsubishi released this statement:
“In response to recent market volatility MUFG wishes to reiterate that we are firmly committed to our long-term strategic alliance with Morgan Stanley. The special relationship we have formed remains core to our global business strategy. We will continue to work to leverage Morgan Stanley’s superior franchise strengths in institutional securities and wealth management with our substantial deposit base and global corporate banking business to add value to both franchises over the decades to come.”