Morgan Stanley 2nd Quarter Wallops Rivals

Profits spike 40% as subprime slump smacks rest of sector
By J. Kelman,  Newser User
Posted Jun 20, 2007 10:23 AM CDT
Morgan Stanley 2nd Quarter Wallops Rivals
ong with 13 managers of those lenders for not taking measures that would have prevented the crimes that led to the company's failure. (AP Photo / Mark Lennihan)   (Associated Press)

(Newser) – Morgan Stanley released far better-than-expected earnings figures today, with net income up over 40% in the last quarter. Riding strong fixed-income sales and trading figures, profits rose to $2.58 billion, up from $1.84 billion last year. That's a far cry from rivals Goldman Sachs and Bear Stearns, whose second-quarter bottom lines were hit hard by the collapse of the subprime mortgage market.

Revenue was up 32%, to $11.5 billion, with a growing percentage coming from international transactions. The company is working to double its 2005 earnings by 2010, CEO John Mack tells the New York Times. (Read more Morgan Stanley stories.)

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