Morgan Stanley hooks up with one of the largest Japanese banks to compete with Citi and JP Morgan.

Morgan Stanley and MUFG in joint push | FT

Mitsubishi UFJ Financial Group is set to merge its securities subsidiary with Morgan Stanley’s Japanese securities operations, to create one of the top three brokerages in Japan.

The Japanese bank and Morgan Stanley have been in talks since MUFG invested $9bn last year into the then-struggling US broker, for a 21 per cent stake.

Researched by Nobyuo Henderson