MORGAN Stanley, the sixth-largest US bank, released its third-quarter results on Thursday, which have clearly showcased the loss of $1.01bn, or 55c per share, that the company has suffered. The results have gone far beyond the analysts' calculations, officials of the company added.
Comparison with the previous figures showed that the company had a profit of $2.2bn, or $1.15, last year. The New York-based firm added in its statements that the calculations exclude the accounting adjustments and a one-time restructuring cost, with which the profit figure stood at approx 35c per share (analysts estimated it to be somewhere around 25c).
Reports are talking that the company's CEO Mr. James Gorman is putting his best efforts to improve the return figures at the brokerage unit along with trying to shrink the fixed-income trading division, which would serve the company with reduced capital demands.
Previous figures have suggested that the bank's first-half return on equity were the lowest among the 10 largest US lenders. Moreover, it traded at two-thirds of its liquidation value, compared with 96 percent at Goldman Sachs Group.
"The rebound in fixed-income and commodities sales and trading indicates that clients have re-engaged after the uncertainty of the rating review in the previous quarter", Mr. Gorman said.
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