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Morgan Stanley Records Rise In Trading Revenue, Books Loss On Conversion Of Crisis Infusion

Unlike most of its peers on Wall Street, Morgan Stanley reported a pickup in trading revenue in its second-quarter earnings report Thursday, helping the firm record a narrower loss than the market anticipated.
Morgan Stanley lost 38 cents a share, considerably better than the consensus estimate of 62 cents, on $9.3 billion that easily topped the $8 billion estimate. The firm’s value-at-risk – a popular measure of how much the company has at risk any given day – rose to $145 million in the quarter, a contrast to rivals like Goldman Sachs that reported declines. Equity sales and trading rose to $1.9 billion, the best level since the financial crisis.
The overall loss for the quarter came in at $558 million, driven chiefly by a $1.7 billion accounting charge. That charge was linked to a $9 billion investment from Japan’s Mitsubishi UFJ Financial at the height of the financial crisis, which converted into common stock. The conversion helped boost Morgan Stanley’s Tier 1 common capital ratio 290 basis points to 14.6% at quarter-end.
Compensation expenses rose to $4.7 billion, up 20% from a year ago.
CEO James Gorman noted that wealth management delivered its best revenue and productivity since the Morgan Stanley Smith Barney joint venture with Citigroup was formed, and touted the additional capital cushion produced by converting the preferred shares owned by Mitsubishi UFJ into common stock.
Shares of Morgan Stanley rallied more than 5% out of the gate Thursday morning.

İyul 21, 2011 - Posted by | news | , , , ,

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