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July 21, 2010    

Morgan Stanley shares up on results

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by Kay Murchie
Morgan Stanley shares up on results

US banking giant Morgan Stanley has today reported its second quarter results with net profit totalling $1.4 billion (£917 million), compared with a loss of $138 million in the same period a year ago.

The Wall Street firm also said it saw a 53% increase in revenues of $7.95 billion compared with the same period last year.

Chief executive James Gorman said: “While markets were challenging this quarter… we strengthened leading market positions in our client-focused investment banking business (and) improved client flows in sales and trading.”

However, Mr Gorman cautioned: “We still have a great deal of work to do across our global franchise and anticipate that the difficult market environment may continue in the months ahead.”

Shares rose 2.7% in pre-market trading following the results.

The figures come just 24 hours after Goldman Sachs announced profits dived 82% in the second quarter to $453 million.

The figures represented the worst quarter since the height of the financial crisis – almost two years ago and were hit by the British bonus levy and a US fraud settlement.

Last week, Bank of America said net income fell to $3.1 billion in the second quarter from $3.2 billion in the same period a year earlier, while revenue was down 11% to $29.15 billion from a year earlier.

Also last week, Citigroup said second quarter net income was $2.73 billion, down from $4.39 billion in the same period a year ago.

JPMorgan kicked off the results season with better-than-expected second quarter profits – due to better credit conditions.

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