Morgan reports lower first quarter

The firm reported first-quarter net income of $1.5 billion, compared with $2.7 billion in the year-ago period.
MAR 19, 2008
By  Bloomberg
Exceeding analyst expectations, Morgan Stanley reported first quarter net income of $1.5 billion, or $1.45 per diluted share, compared with $2.7 billion, or $2.51 per diluted share in the year-ago period. For last year's fourth quarter, the New York-based investment banking giant reported its first quarterly loss in 72 years in the midst of $9.4 billion in write-downs on subprime mortgages (InvestmentNews Dec. 20). In the first quarter, Morgan Stanley topped analyst earnings estimates of $1.03 a share. Revenue for the quarter ending Feb. 29 was $8.3 billion, 17% lower than the $9.9 billion it earned for its first quarter of 2007 but above analysts' estimates of $7.19 billion. While the firm’s asset management division posted a pre-tax loss of $161 million, Morgan Stanley’s total client assets for the quarter were $722 billion, a 5% increase from a year ago.

Latest News

RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence
RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence

Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.

Blue Owl Capital, Voya strike private market partnership for retirement plans
Blue Owl Capital, Voya strike private market partnership for retirement plans

The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.

Top Commonwealth advisor to recruiters: Stop with the cold calls already!
Top Commonwealth advisor to recruiters: Stop with the cold calls already!

“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.

Why AI notetakers alone can't fix 'broken' advisor meetings
Why AI notetakers alone can't fix 'broken' advisor meetings

Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."

Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit
Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit

The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.