Monday 07, April 2008 by

Morgan Stanley reports first quarter results

Morgan Stanley reported income from continuing operations for the first quarter ended February 29, 2008 of $1,551 million, or $1.45 per diluted share, compared with $2,314 million, or $2.17 per diluted share, in the first quarter of last year. Net revenues were $8.3 billion, 17 percent below last year’s first quarter. Non-interest expenses of $6.1 billion, including severance expense of approximately $161 million related to staff reductions, decreased 7 percent from a year ago.1 The annualised return on average common equity from continuing operations was 19.7 percent in the current quarter, compared with 30.9 percent in the prior year.