Wachovia to buy Morgan Stanley?

Source: Exec Digital USA

Date :9/18/2008 4:35:33 AM

Press reports suggest a potential deal could be done between Wachovia and Morgan Stanley as shares rise in premarket trading.

An acquisition by Wachovia, the nation's fourth-largest bank by assets, of Morgan Stanley would bring Wall Street’s tally of remaining independent investment banks to one - Goldman Sachs.

Earlier this week, Lehman Brothers declared bankruptcy and Merrill Lynch sold itself to Bank of America Corp.

Wachovia shares rose nearly 10 percent, while Morgan Stanley shares rose 3.7 percent.