The month in review

Chinese stake

Morgan Stanley has sold a $5 billion stake to China's sovereign wealth fund, China Investment Corporation, which now owns a 9.9% stake in the US investment bank. Morgan Stanley revealed that a total of $9.4 billion in subprime-related writedowns had driven it to a fourth-quarter loss. It wrote off a further $5.7 billion last December, on top of the previously announced $3.7 billion charge last autumn.

Merrill Lynch has sold shares worth up to $6.2 billion to Singapore sovereign wealt