Leading US bank Morgan Stanley today posted a fourth-quarter 2009 net profit of $617m, chalking up annual income to $1.35 billion. The profit was equivalent to 29 cents a share, lower than the 36 cents expected by most Wall Street analysts.
Morgan Stanley's chief executive and president James Gorman said he was confident that the bank would improve its position further as the economy recovered from the worst recession in decades.
'While the environment remains extremely fluid, we are confident the steps we have taken this year will ensure that Morgan Stanley remains well-positioned to serve our clients, seize new opportunities in the markets and deliver superior returns to our shareholders in the years ahead,' he said.
