This may cause some nervousness at Jefferson & Market, the old A.G. Edwards headquarters: The New York Times reports that Wachovia is among the possible suitors for Morgan Stanley.

Morgan Stanley, one of the few independent investment banks left on Wall Street, watched its shares fall 24 percent today as investors try to figure out who will be the next victim of the financial crisis. Wachovia also has been weakened, and some analysts have said it may have to look for a buyer itself.

The Times story, based on “people briefed on the discussions,” is short on specifics. Here’s the key paragraph:

As Morgan Stanley’s share price came under renewed assault on Wednesday, the firm’s chief executive, John J. Mack, received a telephone call from Wachovia expressing interest in the Wall Street bank. Other banks have also expressed interest in Morgan Stanley, which is considering various options. The talks with Wachovia are preliminary and no deal may emerge.

If a deal does emerge, though, it could be bad for St. Louis. When Wachovia bought A.G. Edwards, it made St. Louis the headquarters for Wachovia Securities and moved jobs here from Richmond, Va. Presumably some of those functions would migrate to New York after the purchase of a major Wall Street player.