Shares of Morgan Stanley and Goldman Sachs plunged yesterday while the cost to insure against default of their debt surged as confidence ebbed in Wall Street's two largest independent investment banks.
The sell-off came a day after both securities firms reported quarterly profits and made the case that they would not need to link up with a commercial bank to secure more stable sources of funding.
However, the rising price of credit insurance for Morgan Stanley raised acute questions about whether rising borrowing costs would threaten its ability to remain profitable.
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