Morgan Stanley beats the targets
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Friday 18 January 2013
Morgan Stanley posted better-than-forecast fourth-quarter results today, boosted by an uptick in trading. Like other US banks, it paid a smaller part of its revenues to employees as a tighter leash on expenses boosted its bottom line.
The investment bank's income from continuing operations was $573m (£358m) against a loss of $222m the year before. The figures include a big one-off charge. It paid 44 per cent of adjusted revenue to bankers in its securities and investment banking arms, down from 53 per cent the year before.
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