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Morgan Stanley profit falls 17%
20 September 2007
Morgan Stanley, the world’s second-biggest securities firm, said Wednesday that third-quarter profit sank nearly 17 percent, as the nation’s second-largest investment bank was forced to write down nearly $940 million worth of loans amid the summer’s global credit crisis.
Earnings fell to $1.54 billion, or $1.44 a share, from $1.85 billion, or $1.75 a share, in the year-ago period.
“This was an abnormal market with incredibly poor liquidity and many poorly performing hedges,” said Morgan Stanley Chief Financial Officer David Sidwell.
Morgan Stanley is the second of four Wall Street firms reporting its results this week. On Tuesday its smaller rival, Lehman Brothers Holdings, reported a 3 percent decline in profit. Bear Stearns and Goldman Sachs Group, the largest securities firm in the world, are to report their earnings Thursday.
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