Morgan Stanley Revenue Shines

Morgan Stanley reported a second-quarter loss related to the restructuring of a major investment it received during the financial crisis. But the resurgent investment bank posted revenue that beat Wall Street estimates on strength across its investment-banking, trading and wealth-management units.

The investment bank reported a $558 million second-quarter loss after a $1.7 billion charge, equal to $1.02 per share, from its conversion of the preferred stock held by Mitsubishi UFJ Financial Group Inc., which closed during the quarter.

But Morgan Stanley's second quarter was marked more by its revenue of $9.3 billion, which dwarfed the $7.3 billion net revenue reported by its closest rival, Goldman Sachs Group Inc. It has been years since Morgan Stanley reported higher quarterly revenue than Goldman Sachs.

Read Full Article from Wall Street Journal

- Posted: 2011-07-21 10:41:39

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