Morgan Stanley’s global wealth management arm reported a $55 million (38.3 million) quarterly loss, against a backdrop of the whole bank losing a total of $2.2 billion over the last quarter, as growth was stifled and investor confidence dampened by unprecedented market turmoil.
In the latest three month period, net revenues for the holding company were $1.8 billion, compared with a loss of $400 million in the fourth quarter of last year.
The US bank said income for the financial year ended 30 November was $1.8 billion. Net revenues for the year fell to $24.7 billion, a fall of 12% below 2007 levels.
“These exceptional market conditions profoundly impacted our performance this year, especially in the fourth quarter. However, we still achieved three quarters of profitable results and are moving aggressively to reposition the firm for the future, says John Mack, chief executive.
The full story is available atThe Wealth Bulletins web-site.
D.C.