Leader of Mitsubishi/ Morgan Stanley alliance plans his advance

Posted on Posted in Financial News

In September 2008, Mitsubishi UFJ Financial Group bought 21% of Morgan Stanley for $9 billion as the US bank tried to shore up its balance sheet at the height of the financial crisis.

Two years later they set up an investment banking joint venture aiming to combine their strengths: Morgan Stanley’s in areas including cross-border mergers and acquisitions and MUFG’s in areas including retail and domestic M&A.

Foreign banks have struggled in retail in Japan, with Citigroup recently selling its Japanese retail business to Sumitomo Mitsui, after years of poor performance and other problems that included punishments from Japan’s Financial Services Agency over money laundering controls that led many customers to switch to other private banks.

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