 |
| Illustration: Paul Daviz |
Received wisdom has it that joint ventures do not work, especially in Japan. This is a place where, even 10 years after the domestic merger to create Mizuho, it is said that there is still one café used by ex-Dai-Ichi Kangyo employees and another by the ex-Fuji staff. If that is what happens in a purely domestic consolidation, what chance does a venture between the biggest of all Japanese commercial houses and the most blue-blooded of Wall Street investment banks have?
That was the prevailing wisdom when Morgan Stanley and MUFG announced their intentions to form a joint venture in the post-financial crisis uncertainty of March 2009 – by which time MUFG was a big shareholder in the US bank, having helped prevent it from going the same way as Lehman Brothers the previous year.
It was a perception that gained strength when a baffling two-company structure was announced that...
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
