NEW YORK (AP) -- Morgan Stanley's stock has dropped again today as the investment bank rushes to get a deal done or raise cash.
A person familiar with the talks says Morgan Stanley CEO John Mack has reached out to China's Citic Group about a possible investment. The investment bank is also considering a combination with retail bank Wachovia and an investment from Singapore Investment, one of the world's biggest sovereign wealth funds, according to the source.
Morgan Stanley shares have lost nearly 40 percent in the past week amid unprecedented turmoil in the global banking system. Investors remain anxious after Lehman Brothers filed for bankruptcy protection, Merrill Lynch was forced into a sale to Bank of America and the government bailed out insurer American International Group.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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