Reuters logo
Morgan Stanley profit falls 3 percent
September 16, 2008 / 8:42 PM / 9 years ago

Morgan Stanley profit falls 3 percent

NEW YORK (Reuters) - Morgan Stanley said on Tuesday its third-quarter earnings fell nearly 3 percent, trouncing expectations, even as the year-old credit crunch slowed deal activity to a crawl and created one the toughest trading environments in decades.

<p>The exterior of the world headquarters for Morgan Stanley &amp; Co. Incorporated is seen in New York, May 19, 2008. REUTERS/Lucas Jackson</p>

The No. 2 U.S. investment bank reported income from continuing operations fell to $1.43 billion, or $1.32 a share, for the quarter ended August 31, from $1.47 billion, or $1.38, a year earlier.

Net revenue rose 1 percent to $8.0 billion from last year.

Analysts, on average, looked for revenue of $6.3 billion, according to Reuters Estimates.

Morgan Stanley shares closed down 11 percent Tuesday.

Rival Goldman Sachs said third-quarter earnings dropped 70 percent, marked by sharply lower banking, trading and investment results.

Editing by Jeffrey Benkoe

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below