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Morgan Stanley posts fourth-quarter profit

The firm reports income from continuing operations of $573 mn compared with a loss of $222 mn a year earlier
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First Published: Fri, Jan 18 2013. 06 41 PM IST
A file photo of Morgan Stanley building in Times Square, New York City. Photo: Getty Images/AFP
A file photo of Morgan Stanley building in Times Square, New York City. Photo: Getty Images/AFP
Morgan Stanley reported a fourth-quarter profit on a surge in equity sales and trading and strong margins at its wealth management business, sending its shares up 7% before the bell.
The investment bank reported income from continuing operations of $573 million, or 28 cents per share, compared with a loss of $222 million, or 13 cents per share, a year earlier.
Revenue from sales and trading rose 43% to nearly $3 billion. Wealth management business grew 8% to $3.5 billion.
“Our firm is now poised to reach the returns of which it is capable on behalf of our shareholders,” chief executive James Gorman said in a statement.
Compensation expense, typically the biggest cost for Wall Street firms, fell 5% to $3.6 billion in the fourth quarter from a year earlier.
Rival Goldman Sachs Inc said on Wednesday it cut compensation costs 11% in the fourth quarter, helping boost return to shareholders.
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First Published: Fri, Jan 18 2013. 06 41 PM IST
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