NEW YORK, N.Y. – Morgan Stanley is reporting a loss $558 million for the second quarter. The investment banks’ earnings took a hit from converting an investment from a Japanese bank into common stock.
Mitsubishi UFJ Financial Group helped rescue Morgan Stanley during the 2008 financial crisis with an investment of $9 billion.
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Morgan Stanley said Thursday it lost 38 cents a share. That was less than the 61-cent loss analysts were expecting. Revenue of $9.3 billion was also more than analysts expected, according to FactSet.
Morgan Stanley’s stock rose 6 per cent in pre-market trading.
Compensation expenses, including salaries and bonuses, rose 20 per cent to $4.7 billion from $3.8 billion in the same quarter last year.
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