Morgan Stanley Posts 2Q Loss Of More Than $1.2B

By: Associated Press Email
By: Associated Press Email

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July 22, 2009

Morgan Stanley says its net loss after payment of preferred dividends was $1.26 billion, or $1.10 per share, compared with earnings of $1.06 billion, or $1.02 per share, a year earlier.

The New York-based bank also recorded an $850 million, or 74 cents per share, charge for repaying the money it received from the government under the Troubled Asset Relief Program.

The bank also lost money due to an accounting rule related to the value of its debt. The rule requires companies to set aside, at least on paper, more money to meet its obligations when its debt is worth more.

That reduced earnings by $1.32 per share.

Analysts forecast a loss of 49 cents per share for the quarter.

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