Morgan Stanley and Wachovia Corp. are in talks about a possible combination as the investment bank tries to come up with ways to survive the ongoing credit crisis, according to media reports.
John Mack, Morgan Stanley's chief executive, received a call from Wachovia about a potential deal, according to The New York Times and Wall Street Journal. Both newspapers cited people familiar with the discussions.
Other banks have also expressed interest in Morgan Stanley, according to the reports. The talks are described as preliminary.
Spokesmen for Morgan Stanley and Wachovia declined to comment.