Morgan Stanley posts loss, sells stake to China
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China has agreed to pump $5 billion into Morgan Stanley as the U.S. investment bank reported a stunning fourth-quarter loss fueled by $9.4 billion of losses in subprime mortgages and other assets.
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China has agreed to pump $5 billion into Morgan Stanley as the U.S. investment bank reported a stunning fourth-quarter loss fueled by $9.4 billion in write-downs in subprime mortgages and other assets.
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The bank said it would sell a $5 billion stake to Chinaâs sovereign wealth fund as it posted a loss after taking a new $5.7 billion write-down related to mortgages.
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Stocks fell on Wednesday after investment bank Morgan Stanley (MWD.N: Quote, Profile, Research) said quarterly profit fell, casting doubt on corporate profit growth, while a brokerage downgrade on Cisco Systems Inc.
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The company, battered by the subprime crisis, said it would sell a $5 billion stake to a Chinese investment.
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Morgan Stanley has sold its 7.2 percent stake in The New York Times Co. , people close to the matter said yesterday, marking the end of a bitter fight between one of the bank's asset managers and the company.
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About 1,000 jobs will go at Morgan Stanley as the US bank cuts back its home lending business.
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NEW YORK - Stocks tumbled Wednesday as investors saw a surge in oil prices and disappointing earnings from Morgan Stanley as a reason to collect profits from gains of the last month. The Dow Jones industrial average dropped nearly 130 points, and all three major indexes saw their biggest losses since early August...
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Investment bank Morgan Stanley yesterday said third-quarter profits slumped by a third as bond trading revenues plunged and expenses including bankers&#39; pay surged.
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Morgan Stanley unveils a $9.4bn write-down and sells a $5bn stake to a Chinese sovereign wealth fund.
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U.S. stocks extended their losses on Wednesday after investment bank Morgan Stanley said quarterly profit fell, casting doubt on corporate earnings growth, while a brokerage downgrade on Cisco Systems Inc. hurt tech stocks.
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Stock index futures erased most losses on Wednesday, indicating a flat open on Wall Street, after Morgan Stanley  announced a $5 billion investment from a Chinese government fund, offsetting news of huge losses by the investment bank.
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Stocks fell sharply on Wednesday after  oil prices jumped more than a dollar to over $48 a barrel and  investment bank Morgan Stanley MWD.N reported a drop in its  quarterly profit.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped by a third  on lower bond trading revenue and higher expenses, falling  short of Wall Street's low expectations and pushing its shares  down as much as 8 percent.
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Morgan Stanley has sold its 7.2 percent stake in The New York Times Company, bringing an end to its campaign to change the media companyâs dual-class share structure.
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Investment bank misses estimates as trading income plunges, other units fail to pick up the slack. By Rob Cox, Breakingviews. LONDON (Breakingviews) - Morgan Stanley is the first to slip.
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MORGAN Stanley, the American investment bank, has seen its quarterly profits slide 34 per cent amid reduced trading revenues. The latest figure fell well short of Wall Streetâs already-lowered expectations after a summer of sluggish market activity.