Business | Banking
Morgan Stanley suffers $2.2b loss
Morgan Stanley reported a $2.2 billion fourth-quarter loss, wider than analysts estim-ated, as investment-banking fees slid and the value of fixed-income securities declined.
- Bloomberg
- Published: 23:27 December 17, 2008
New York: Morgan Stanley reported a $2.2 billion fourth-quarter loss, wider than analysts estimated, as investment-banking fees slid and the value of fixed-income securities declined.
The loss of $2.24 a share for the three months ended November 30 compared with a $3.59 billion loss, or $3.61, in the same period a year earlier, the New York-based company said Wed-nesday in a statement. The average estimate of 16 analysts surveyed by Bloom-berg was for a 34-cent loss.
Chief Executive Officer John Mack is forgoing his bonus for a second straight year after a loss of investor confidence forced Morgan Stanley to become a bank, accept $10 billion from the US and sell $9 billion of preferred stock to Japan's Mitsubishi UFJ Financial Group Inc.
Goldman Sachs Group Inc, Morgan Stanley's larger rival, earlier reported a $2.1 billion quarterly loss, its first as a public company.
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