Morgan Stanley Profits Fall 57%

Business bad all around, with declines in sales, trading, and investment banking

By Kevin Spak, Newser Staff

Posted Jun 18, 2008 8:00 AM CDT

(Newser) – Morgan Stanley profits were sliced in half this quarter, the company announced today, as stock slingers failed to offset real estate writedowns. The 57% drop, which brought earnings to $1.03 billion or $0.95 per share, was in line with analyst expectations. CEO John Mack said that thanks to “careful management of our capital, risk and liquidity” the US' second-largest investment bank isn't in danger.

“It's just a very difficult time for these companies,'' said one investment firm exec. "Even Morgan Stanley, which we view as being well run, is running into very heavy headwinds.''

In this Jan. 18, 2008 file photo, Chairman and CEO of Morgan Stanley John J. Mack is photographed during a news conference in New York. (AP Photo/Mary Altaffer, file)

Morgan Stanley headquarters is shown Tuesday, June 17, 2008 in New York. (AP Photo/Mark Lennihan)

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Morgan Stanley Profits Fall 57%

Business bad all around, with declines in sales, trading, and investment banking

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Goldman Posts $428M Loss

It's the second time it's ever lost money as a public company

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Apple Profit Shoots Up 125%

...and that's without any new product launches

GM Reports Profit, Thanks to Cost Cuts, New Models

Consider this your shareholder statement, taxpayers

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Meanwhile, British launch piggyback fraud investigation

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OTHER STORIES ON OUR RADAR

Morgan Stanley • earnings reports • bank • corporate earnings • investment banks

MOST POPULAR STORIES

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More Newser Stories

Goldman Posts $428M Loss

It's the second time it's ever lost money as a public company

Chrysler Roars to $225M Profit

Finishes first profitable year since its bankruptcy

Apple Profit Shoots Up 125%

...and that's without any new product launches

GM Reports Profit, Thanks to Cost Cuts, New Models

Consider this your shareholder statement, taxpayers

Goldman Earnings Jump 91%

Meanwhile, British launch piggyback fraud investigation

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Newser By Users

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