With the flames of the financial crisis outrunning renewed central bank intervention and the nationalisation of United States insurance titan AIG, US media reports, meanwhile, said Morgan Stanley was looking for help.
The latest US drama was unfolding against a background of plummeting global stocks and yields, or interest rates, on US Treasury bonds as investors rushed for the safety of government debt instruments.
The Bank of Japan made the latest of a series of interventions to support the Japanese banking system, pouring in the equivalent of $23,9-billion, and the Russian stock market was closed even before trading opened, marking the third closure in three days.
The reports in New York said Morgan Stanley, one of the last two independent US-based investment banks, was negotiating a merger with another firm.
In London, the Halifax Bank of Scotland (HBOS) became the latest victim of the firestorm when British bank Lloyds TSB said it was acquiring this leading British mortgager in an all-share deal worth £12,2-billion.
The bail-out came after HBOS stocks had plummeted in wild trading on Wednesday.
The New York Times reported that Morgan Stanley was in talks to merge with Wachovia Corporation. Separately, CNBC business network said that the bank was in talks to be bought by the Chinese bank CITIC.
The latest US drama was unfolding against a background of plummeting global stocks and yields, or interest rates, on US Treasury bonds as investors rushed for the safety of government debt instruments.
The Bank of Japan made the latest of a series of interventions to support the Japanese banking system, pouring in the equivalent of $23,9-billion, and the Russian stock market was closed even before trading opened, marking the third closure in three days.
The reports in New York said Morgan Stanley, one of the last two independent US-based investment banks, was negotiating a merger with another firm.
In London, the Halifax Bank of Scotland (HBOS) became the latest victim of the firestorm when British bank Lloyds TSB said it was acquiring this leading British mortgager in an all-share deal worth £12,2-billion.
The bail-out came after HBOS stocks had plummeted in wild trading on Wednesday.
The New York Times reported that Morgan Stanley was in talks to merge with Wachovia Corporation. Separately, CNBC business network said that the bank was in talks to be bought by the Chinese bank CITIC.
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