Morgan Stanley’s fourth quarter IB profits fall 5% from 2009
Morgan Stanley’s investment banking arm made pre-tax profits of $437m in the fourth quarter of 2010, up 80% from the third quarter, but down 5% from the fourth quarter of 2009. And the bank’s fixed income sales and trading business continued to disappoint.
The firm, which announced full year and fourth quarter results on Thursday, recorded underwriting revenues of $1bn between October and December, down 9% year on year, but higher than Goldman Sachs figure of $879m.
Morgan Stanleys fixed income underwriting revenues rose 15% year on year during the quarter to
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