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Morgan Stanley posts strong Q1 2010 earnings

The New York-based financial intermediary Morgan Stanley reported strong first quarter earnings today, beating Wall Street analyst expectations.

Morgan Stanley reported total revenue net of all charges as $9.08-billion, compared to $2.9-billion in the same period last year. Analysts were expecting about $7.9-billion in revenue.

The company said total profits in the quarter were $1.41-billion ($0.99 per share), up significantly compared to the first quarter of 2009 when the company reported a massive $580-million quarterly loss.

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Morgan Stanley posts $413M Q4 profit, and a profit in fiscal 2009

The sixth largest U.S. Bank, Morgan Stanley investment bank, posted lower than expected Q4 2009 earnings. The financial intermediary earned $617-million in revenue, posting a $413-million ($0.14 per share) profit in Q4. Total employee compensation in Q4 2009 was $3.7-billion. Earnings were drawn down from debt accounting charges. The Q4 2009 results compare with a $2.3-billion loss in the same period in 2008.

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Obama to Unveil Foreclosure Plan, Banks Halt Foreclosures

bank-of-americaThe Obama Administration is getting ready to unveil a new $50 billion+ plan to halt home foreclosures and to help struggling home owners get lower monthly payments to avoid foreclosure. In 2008, foreclosures were up 81% over 2007, with 2.3 million foreclosed. Press Secretary Robert Gibbs said Friday the plan would be designed to help “the 10,000 Americans each day that have their homes foreclosed on, ” The Bank of America along with JPMorgan Chase and Morgan Stanley have agreed to halt foreclosures until March 6, 2009.

JPMorgan Chase CEO Jamie Dimon said, “We stand ready to work with you…to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages,”

Importantly, in 2009 so far, 13 banks have failed in the U.S., including Corn Belt Bank, Riverside Bank, Sherman County Bank, Pinnacle Bank, among others, amid the global financial credit crisis.

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Outlook Bleak, Morgan Stanley to Cut Jobs, Stocks Tumble

In 2007, the New York investment bank, Morgan Stanley (now recognized as a Bank Holding Company), firstly slashed almost 5,000 jobs and has now announced it is slashing yet more jobs; 10% of employees in its main business, the institutional securities unit. The company employees just less than 47,000 employees, and a majority of that population works in the institutional securities unit. The Morgan Stanley co-president James Gorman offered a cautious outlook and said the company would continue (and increase) operating in equity derivatives, commodities, credit, mergers and acquisitions, cash trading, principal investments, proprietary trading, and more. These job cuts, again, are a direct consequence of the financial crisis.

Today in other news, the Dow plunged and happening now in after-hours trading, Japan’s Niki is trading already 5% down. Google’s stock is also taking a hit as its now trading below $300 per share, which is very significant because Read the full story

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