Morgan Stanley sees more credit turmoil ahead
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Morgan Stanley expects several more quarters before credit markets return to more normal activity, and structured credit markets could be challenged for an extended period, the company's chief financial officer said.
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Federal Reserve Bank officials said on  Monday financial turmoil has increased risks facing the U.S.  economy, but comments by others suggested there was still  debate about how quickly the central bank would need to act.
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Banks that produce complex and illiquid derivative products that have been at the heart of the credit squeeze might be forced to provide more information about their products on public stock exchanges.
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Last yearâs bankruptcy reforms could make the current credit squeeze even worse; the varieties of money laundering; and a warning to customer service managers.
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Hopes for double-digit earnings growth in 2008 have all but evaporated as the credit market turmoil is expected to exert more pressure on financial services companies.
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Morgan Stanley's  Discover Financial Services unit may struggle to gain more acceptance among merchants and higher transaction volumes after its spinoff, financial publication Barron's reported in its July 2 issue.
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Wall Street looked set to fall further on Wednesday on growing worries of a U.S. recession which battered Asian and European markets.
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Business & money: The City risks financial turmoil unless it learns the lessons from this summer's credit crunch, warns Bank.
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Wall Street was poised to open lower on Monday as embattled British bank Northern Rock's < troubles mounted, adding to global credit concerns before an expected U.S. interest rate cut this week.
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Merrill Lynch is expected to report today that it will add about $2.5 billion more to the $5 billion in write-downs it has already announced, a person briefed on the situation said.
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Bank of England governor Mervyn King said Tuesday he expected commercial banks to face more problems in the fallout from the global credit crunch but conditions should improve early next year.
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Emerging sovereign debt investors will  look to core market movements for direction in the coming week,  with some analysts expecting a further tightening of credit  spreads, albeit not all at once.
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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.
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WALL Street is said to be a bit rattled at the Federal Reserveâs latest quarter-point rise in American interest rates. Yesterdayâs one-third drop in quarterly profit announced by investment bank Morgan Stanleyâs will not help the jitters.
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Wall Street was set to open lower on Monday as embattled British bank Northern Rock's  troubles intensified, adding to global credit concerns before an expected U.S. interest rate cut this week.
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Morgan Stanley  on Wednesday  said its third-quarter earnings fell, reflecting damage caused  by the broad sell-off in mortgage and corporate loan markets  this summer, though revenue rose on strong investment banking  and stock trading.
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While the bank predicted that it would make a profit in the fourth quarter, analysts were concerned about the likelihood of additional write-downs.