The two biggest investment banks of Wall Street Morgan Stanley and Goldman Sachs shares tumbled on Wednesday as the situation got worsened with the recent developments of financial crisis. Morgan’s shares melted by 43% and Goldman’s by 27% on Wednesday raising questions about the future of these companies.
These biggies recently have shown good profits despite the financial disastrous. But the investors and traders had other opinions. These two investment banks have already started looking to join hands with commercial banks as they don’t want to be victims of this ugly financial crisis.
Morgan Stanley was planning to go with a merger with regional banking powerhouse Wachovia. Morgan’s CEO John Mack got a phone call from Wachovia bank on Wednesday but he is also pursuing other options.
Sathish Emmadi
Sathish Emmadi is a co-founder & editor at Lastbull.com. He is presently working in IT for one of the world’s top mutual fund companies. Handled multiple projects in BFSI (Banking,Financial Services and Insurance) domain. An Engineering Graduate from NITW.
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