Morgan Stanley topped the list of major financial firms scrambling to find a buyer, while central banks rushed in $180 billion of extra liquidity to calm panicked stock and money markets.
Morgan Stanley was in deal talks with U.S. regional banking powerhouse Wachovia Corp and the negotiations have advanced to a more formal stage, a source familiar with the firm's plan said.
The No. 2 U.S. investment bank, whose shares are down 50 percent this month, has also approached Chinese sovereign wealth fund China Investment Corp about boosting its stake in Morgan Stanley, the source said, following a $5 billion investment late last year.
HSBC Holdings was named by CNBC as another potential bidder for Morgan Stanley, but a person familiar with the matter said the bank is not interested.
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