NEW YORK - MORGAN Stanley on Wednesday reported a third straight quarterly loss, falling further behind chief rival Goldman Sachs as fixed income and asset management results disappointed.
The results prompted Morgan Stanley Chief Financial Officer Colm Kelleher to label 2009 a 'year of transition'. 'We are not into the quick show of how good we are,' Kelleher said in an interview with Reuters Television. 'What we want to show is steady improvement, which we are doing, and fleshing out a model which we believe is robust, within which institutional securities is key.'
Morgan Stanley reported a loss of US$1.26 billion (S$1.81 billion), or US$1.10 per share, for the second quarter, compared with a profit of US$1.1 billion, or US$1.02 a share, a year earlier. Net revenue fell 11 per cent to US$5.4 billion.
Stripping out one-time items, Morgan Stanley posted a loss of US$1.37 a share, much worse than analysts' average forecast of a loss of 53 cents, according to Reuters Estimates.
Morgan Stanley struggled in key areas during the quarter, including commercial real estate, where it reported net losses of US$700 million amid declines in the market.
The results prompted Morgan Stanley Chief Financial Officer Colm Kelleher to label 2009 a 'year of transition'. 'We are not into the quick show of how good we are,' Kelleher said in an interview with Reuters Television. 'What we want to show is steady improvement, which we are doing, and fleshing out a model which we believe is robust, within which institutional securities is key.'
Morgan Stanley reported a loss of US$1.26 billion (S$1.81 billion), or US$1.10 per share, for the second quarter, compared with a profit of US$1.1 billion, or US$1.02 a share, a year earlier. Net revenue fell 11 per cent to US$5.4 billion.
Stripping out one-time items, Morgan Stanley posted a loss of US$1.37 a share, much worse than analysts' average forecast of a loss of 53 cents, according to Reuters Estimates.
Morgan Stanley struggled in key areas during the quarter, including commercial real estate, where it reported net losses of US$700 million amid declines in the market.
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