Morgan Stanley Set To Buy Overlapping Regional Banks

Just months after Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) became bank holding companies, reports have been made that Morgan Stanley are in negotiations to acquire several regional banks that overlap its existing asset management and brokerage clients, according to a report on Monday in the WSJ.

According to reports the new-York based bank is in presently cutting jobs overseas due to the ongoing global financial crisis. However Morgan Stanley said back in late October that they would increase its retail banking capabilities by possibly buying other regional banks.

Both Morgan Stanley and Goldman’s Sachs became victims of the Wall Street crisis after Lehman Brothers Holding Inc filed for bankruptcy protection and Bank of America brought troubled bank Merrill Lynch amid the global turmoil, both investments banks were forced into becoming Bank Holding Companies.

It’s also been noted that Morgan Stanley are decreasing its workforce in Dubai by 15 percent according to the WSJ.

Source: Forbes

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