Could the same be said of US broker Morgan Stanley? Don’t forget that Japanese financial institution Mitsubishi UFJ has a 20% stake in Stanley. The received wisdom is that if Morgan Stanley gets into too much trouble, Mitsubishi will step in to save it. Will that still be the case now that Nomura’s grandiose international project has ended with a whimper?
Morgan Stanley’s second-quarter results were disappointing verging on the dreadful, depending on how charitable you are feeling.
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