Morgan Stanley Loses Less Than Expected And Shares Climb In Pre-Market

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Morgan Stanley lost $0.15 per share in the fourth quarter.Consensus had the bank losing $0.57 a share.

Revenues for the fourth quarter were $5.7 billion, just beating consensus of $5.57 billion.

Full Year revenues were $32.4 billion and income of $1.26 per diluted share.

The firm’s Smith Barney segment posted relatively strong results, with $244 million in pre-tax income.

By comparison, Institutional Securities posted a $779 million pre-tax loss, with almost every incremental indicator of the strength of the investment banking and trading unit showing weakness.

Asset Management reported fourth quarter pre-tax income of $78 million, compred to $353 million from the same period last year.

In the full release, Chairman and CEO James Gorman said, “For the past year, Morgan Stanley has made enormous progress by addressing a number of outstanding strategic and legacy issues. These included the conversion of MUFG’s preferred investment into common stock and the settlement with MBIA. Importantly, we also achieved market share gains across our institutional businesses, as well as significant net flows into our Global Wealth Management and Asset Management platforms. We ended the year in better shape than where we started and we are well positioned to deliver improved returns to shareholders in 2012 and beyond.”