David Kirkpatrick

December 17, 2008

Morgan Stanley announces almost $2.4B quarterly loss

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 2:33 pm

Overall the bank posted a net gain for the year, but the final quarter was predictably brutal.

From the link:

Morgan Stanley reported a fourth-quarter loss of $2.36 billion — or $2.34 a share — on Wednesday, as the bank remained battered by old investments.

The quarter was Morgan’s first loss this year, though it did not outweigh the profit earned earlier this year. Morgan reported a full-year profit of $1.59 billion, or $1.54 a share.

Revenue in every corner of the bank fell, even when compared with last quarter, showing a deteriorating environment that cut across businesses. Analysts polled by Thomson Reuters had forecast a loss of 34 cents a share. The loss from continuing operations for the quarter, which does not include Discover, the credit card unit that was spun off, was $2.20 billion, or $2.24 a share

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