Morgan profits plunge to £600m

12 April 2012

WALL Street bulge bracket giant Morgan Stanley has posted a profits decline for the fifth consecutive quarter as investment banking fees dried up amid grim economic conditions.

The firm reported a profit of $870m, (£600m) or 78 cents a share, for the fourth quarter ended 30 November compared with earnings of $1.21bn, or $1.06 a share, a year ago. Analysts were expecting between 50 and 75 cents a share, with a consensus estimate of 66 cents.

For the year as a whole, earnings were down 34% at $3.61bn.

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