JAKARTA: Morgan Stanley yesterday announced full year and fourth quarter earnings report when it booked US$4.5 billion income or US$2.44 per diluted share for the year ended December 2010, compared to the same period last year where it packed US$1.3 billion income or a loss of US$0.82 per diluted share.Morgan Stanley delivered improved performance across most of our businesses during the fourth quarter, and the strength of our premier client franchise was evidenced by participation in virtually every major transaction that helped raise capital for governments and leading corporations across the globe. Despite this year's challenging markets, we delivered strong results in Investment Banking, said James P. Gorman, President and Chief Executive Officer of Morgan Stanley.As quoted from its official website, net revenue amounted US$31.6 billion compared to US$23.4 billion a year ago. Such net revenue included negative revenue of US$873 million or US$0.30 per diluted share.In the meantime, compensation expenses reached US$16 billion, a rise compared to year ago at US$14.4 billion. Such increase essentially reflected higher compensation cost. Such fixed income results reflected the difficult environment while Morgan Stanley continues to make progress particularly by building out Interest Rate, Credit & Currency (IRCC) business unit.Income from continuing operations for the current quarter was US$867 million, or US$0.43 per diluted share, compared to US$460 million, or US$0.18 per diluted share, for the same period a year ago.Net revenues totaled US$7.8 billion for the current quarter compared to US$6.8 billion a year ago. Net revenues in the current quarter included negative revenue of US$945 million, or US$0.36 per diluted share.Compensation expenses in the existing quarter amounted US$4.1 billion compared to US$3.8 billion in last year's fourth quarter.Morgan Stanleys Global Wealth Management Group delivered improved performance this year - with net revenues of US$12.6 billion. Despite a challenging retail environment for much of the year, net new client assets were US$22.9 billion, including US$14.1 billion in the fourth quarter.The US-based company continued to build its international business coverage this year, including by launching its Japanese joint venture as it also completed the sale of its investment in China International Capital Corp (CICC). Such sale completion enables Morgan Stanley to proceed anew joint venture with China Fortune Securities Co, Ltd. (T02/NOM)
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