nevertheless exceeded expectations
Morgan Stanley is making less profit
The US financial group Morgan Stanley suffered a slump in profits at the end of the year. Net income fell 41 percent year-on-year to $2.1 billion, Morgan Stanley said on Tuesday in New York.
Published: 50 minutes ago
The US financial group Morgan Stanley suffered a slump in profits at the end of the year. Net income fell 41 percent from the same period last year to $2.1 billion. (archive image)
Overall, earnings fell 12 percent to $12.7 billion. The balance sheet suffered from a slump in investment banking – IPOs, mergers and acquisitions remained rare due to the difficult market environment.
However, Morgan Stanley posted strong growth in the trading division – many investors had their portfolios changed in view of the risks of inflation and recession. Overall, the quarterly figures were better than expected. The stock gained about 2 percent premarket.