Related News
Morgan Stanley posts third straight loss
By Steve Eder |
July 23, 2009, Thursday
|
Print Edition
Print Edition
MORGAN Stanley reported its third consecutive quarterly loss yesterday, saddled with a charge related to repaying government loans and the accounting impact of improvement in its debt prices.
The results came in sharp contrast to rival Goldman Sachs Group Inc which reported strong profits last week. Morgan Stanley shares were down 4.7 percent in premarket trading.
Morgan Stanley swung to a loss applicable to common shareholders of US$1.26 billion, or US$1.10 per share, in the second quarter, compared with a profit of US$1.1 billion, or US$1.02 a share, a year earlier. Net revenue fell 11 percent to US$5.4 billion.
Chief Financial Officer Colm Kelleher said the company was not satisfied with its performance in fixed income and asset management.
During the quarter, the New York-based bank repaid US$10 billion from the government's Troubled Asset Relief Program, incurring a one-time charge of US$850 million. The improvement in its debt prices reduced net revenue by US$2.3 billion.
Despite the second-quarter loss, Morgan Stanley set aside US$3.9 billion for compensation expenses, up from US$3.1 billion a year earlier.
The results came in sharp contrast to rival Goldman Sachs Group Inc which reported strong profits last week. Morgan Stanley shares were down 4.7 percent in premarket trading.
Morgan Stanley swung to a loss applicable to common shareholders of US$1.26 billion, or US$1.10 per share, in the second quarter, compared with a profit of US$1.1 billion, or US$1.02 a share, a year earlier. Net revenue fell 11 percent to US$5.4 billion.
Chief Financial Officer Colm Kelleher said the company was not satisfied with its performance in fixed income and asset management.
During the quarter, the New York-based bank repaid US$10 billion from the government's Troubled Asset Relief Program, incurring a one-time charge of US$850 million. The improvement in its debt prices reduced net revenue by US$2.3 billion.
Despite the second-quarter loss, Morgan Stanley set aside US$3.9 billion for compensation expenses, up from US$3.1 billion a year earlier.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
