其计划于摩根·士丹利旗下的日本公司的合并也受到缩减。
Its plans to merge with Morgan Stanley's Japanese unit were also scaled back.
摩根·士丹利的史蒂芬·罗奇认为，新兴经济国家的弱点已经改变，在1990年代，它来自于对外部资金的依赖，现在对外部需求的倚重却成为其软肋。
Stephen Roach of Morgan Stanley argues that the weakness of emerging economies is no longer their dependence on external finance, as in the 1990s, but their dependence on external demand.
对高盛和摩根·士丹利而言，他们的杠杆比例和盈利潜力都有可能显著下降，最终将取决于两家公司的选择和监管部门要求。
As for Goldman and Morgan Stanley, their leverage ratios — and profit potential — could fall sharply, depending both on their choices and demands of regulators.
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