Morgan Stanley said profit rose to $1.04 billion in the fourth quarter
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Morgan Stanley posted fourth-quarter results today.
The numbers: Lukewarm. Morgan Stanley said profit rose to $1.04 billion in the fourth quarter from $84 million the year before. Revenue fell 1% to $7.76 billion.
The takeaway: Morgan Stanley joined JP Morgan,Citi, and other big US banks in posting lackluster financial results as it still tries to push through what it called “residual issues from the financial crisis.”
Despite continued legal costs, as well as a downturn in trading revenue from fixed income, commodities and currencies, the bank put a rosier tone on the future. It said it was counting on the continued improvement of the US economy, as well as a rise in interest rates, to boost future revenue.