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Morgan Stanley profits fall 42% Morgan Stanley profits fall 42%
(20 minutes later)
Morgan Stanley, the second biggest US investment bank, announced that profits fell by 42%, as losses continued on mortgages and loans.Morgan Stanley, the second biggest US investment bank, announced that profits fell by 42%, as losses continued on mortgages and loans.
Morgan Stanley reported a net profit of $1.55bn (£776m) in the three months to the end of February, but that was a better performance than expected.Morgan Stanley reported a net profit of $1.55bn (£776m) in the three months to the end of February, but that was a better performance than expected.
It lost $1.2bn on mortgage related investments and $1.1bn on other loans and investments.It lost $1.2bn on mortgage related investments and $1.1bn on other loans and investments.
On Tuesday Lehman Brothers and Goldman Sachs saw their profits halved.On Tuesday Lehman Brothers and Goldman Sachs saw their profits halved.
But investors had expected thlose results to be worse and shares soared on Tuesday. But investors had expected those results to be worse and shares soared on Tuesday.
Last month the Morgan Stanley announced 1,000 job cuts worldwide.Last month the Morgan Stanley announced 1,000 job cuts worldwide.
As part of the plan, the Wall Street giant shut its UK residential mortgage arm and reduced its lending business in the US.As part of the plan, the Wall Street giant shut its UK residential mortgage arm and reduced its lending business in the US.
Last year Morgan Stanley sold two businesses - Discover Financial and British brokerage Quilter.Last year Morgan Stanley sold two businesses - Discover Financial and British brokerage Quilter.
Excluding their contribution last year, first quarter profits were down 33%.Excluding their contribution last year, first quarter profits were down 33%.