Chase Manhattan Corp. announced an agreement Thursday to acquire the global custody business of Morgan Stanley Dean Witter & Co., which would widen Chase's lead in the increasingly consolidated securities processing business.

For Morgan Stanley, the deal signals a sharper definition of its core businesses.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.