Morgan Stanley May Post Loss After Paying Back U.S.

Morgan Stanley may report a third straight loss because of accounting charges related to an improvement in the company’s own debt and the cost of repaying $10 billion in government bailout money.

The per-share loss is expected to be 32 cents for the second quarter, according to the average estimate of 19 analysts surveyed by Bloomberg. The New York-based bank may report net income of $322 million, diverging from the per-share results because the company issued stock during the quarter.

Morgan Stanley, led by Chief Executive Officer John Mack, cut back principal investing and proprietary trading after losing money on bad bets, focusing instead on building its business of advising individual investors. The firm’s reduced risk-taking backfired in the first quarter, leading to lower trading revenue than larger rival Goldman Sachs Group Inc.

Read Full Article from Bloomberg

- Posted: 2009-07-02 09:41:52

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