Mitsubishi UFJ Financial Group and Morgan Stanley (B)
On November 18th 2009, MUFG and Morgan Stanley announced the overall restructure of the Joint Venture. The new framework would be asfollows: MUFG would establish a controlling interest and overlook the M&A advisory unit and underwriting divisions, with the firm being called MUFJ Morgan Stanley. The fixed-income and equity trading units would be removed from the scope of the deal altogether, and theremaining operation would be in theory a cooperative unit with Morgan Stanley Japan taking control of these operations. Although, the media was a buzz as the two joint ventures start operations officially in May of 2010, both firms have lingering issues that need to be resolved and hurdles that remain to be overcome.