Morgan Stanley’s Earnings Fall 41%
Morgan Stanley Dean Witter & Co. reported a 41% plunge in its fiscal third-quarter earnings to $735 million, or 65 cents a share, as a prolonged stock slump cut trading commissions and investment banking fees.
The results for the period ended Aug. 31 were a penny better than analyst expectations. Revenue fell 16% to $5.27 billion.
The firm, which was the largest single tenant in the World Trade Center, said its short-term business outlook turned “decisively negative” after the terrorist attacks as financial markets absorb the impact.
Shares of Morgan Stanley rose $2.46 to $40.08 on the New York Stock Exchange.
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