Banking Tie-Up Spans Oceans and Cultures

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BY ALISON TUDOR AND AARON LUCCHETTI

Morgan Stanley celebrated Thursday the start of a joint venture with Mitsubishi UFJ Financial Group Inc. that gives the Wall Street titan deep access into the difficult-to-crack Japanese market and a chance to put a U.S. stamp on the hidebound Tokyo institution.

Bankers from Morgan Stanley will lead a combined investment-banking team in Japan, while Japan's largest bank is moving bankers into Morgan Stanley's main office in Tokyo. Mitsubishi has agreed to follow Morgan Stanley's lead in choosing clients, and the Japanese bank is moving closer to American-style pay-for-performance over lifetime job security for its employees.

The details represent a ...

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