Posted by Yogesh on Monday, 22 September, 2008
TOKYO (Reuters) – Mitsubishi UFJ Financial Group , Japan’s largest bank, said on Monday it planned to take a stake of up to one-fifth in U.S. investment bank Morgan Stanley as part of a strategic alliance.
Mitsubishi UFJ Financial Group (MUFG) said in a statement on Monday it would buy 10-20 percent of the common stock of Morgan Stanley. It said it would decide on the amount it would pay after carrying out due diligence.
Buying 20 percent of Morgan Stanley would cost MUFG about $6 billion based on its total market value of $30 billion.
Morgan Stanley has been under pressure to raise capital amid a sharp fall in its share price.
Copyright 2008 Reuters Source MSN Money
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Posted by Yogesh on Monday, 22 September, 2008
The dollar is plunging. Detroit’s car dominance is history. London claims to be outfinancing Wall Street. So maybe it’s time to ask whether the era of US dominance is over for good.
Forbes magazine’s annual list of the world’s richest people is eagerly anticipated as a barometer of wealth and power. And each year the mighty U.S., whose economy is often described as the envy of the world, has dominated the rankings.
Until now, that is.
In its most recent survey, the Forbes billionaire list changed dramatically: The United States made only four appearances in the top 20, compared with 10 names two years ago. India, by contrast, posted an astonishing four in the top 10, twice as many as the U.S. While America still leads the overall list, Russia, the new nation of raging capitalism, ranked second. Its 87 billionaires pushed aside Germany, the former runner-up. Is Wall Street’s dominance over? Read the rest of this entry »
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Posted by Yogesh on Monday, 22 September, 2008
Wall Street remained nervous on Monday amid uncertainty over the impact of its biggest restructuring since the Great Depression and the details of Washington’s planned $700bn bailout.
In the latest of extraordinary developments, Morgan Stanley and Goldman Sachs are to abandon their investment bank model and become traditional bank holding companies.
The switch will allow them to rely more heavily on retail deposits and move away from a highly leveraged operation, which contributed to the downfall of Bear Stearns and Lehman Brothers. Read the rest of this entry »
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Posted by Yogesh on Monday, 22 September, 2008
Goldman Sachs and Morgan Stanley, the last big independent investment banks on Wall Street, will transform themselves into bank holding companies subject to far greater regulation, the Federal Reserve said Sunday night, a move that fundamentally reshapes an era of high finance that defined the modern Gilded Age.
Michael Nagle/Bloomberg News
A Morgan Stanley trading floor in 2003. Goldman Sachs and Morgan Stanley will become bank holding companies, which will be a turning point for the high-rolling culture of Wall Street. Read the rest of this entry »
Posted in News | Tagged: Goldman, Investment Banking, Morgan Stanley | Leave a Comment »
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