The loss came during a quarter when the investment banking sector nearly collapsed as Lehman Brothers failed and Merrill Lynch sold itself, leaving only Morgan Stanley and Goldman Sachs as independent firms. --PHOTO: ASSOCIATED PRESS
NEW YORK - MORGAN Stanley says it lost US$2.37 billion (S$3.5 billion) during its fiscal fourth quarter as it takes a range of losses on assets amid one of the roughest quarters for investment banks.
The New York-based firm, which is aggressively building on its new status as a bank holding company, lost US$2.34 per share for the quarter ended Nov 30. It lost US$3.61 billion, or $3.61 per share, during the year-ago period.
Analysts, who have been cutting their estimates in recent weeks because of market turmoil, forecast a loss of 34 cents per share.
The loss came during a quarter when the investment banking sector nearly collapsed as Lehman Brothers failed and Merrill Lynch sold itself, leaving only Morgan Stanley and Goldman Sachs as independent firms. -- AP
