The loss last year was related to a settlement Morgan Stanley made with the financial insurance company MBIA, which had accused the bank of misleading it about the quality of certain securities for which it bought insurance.
On a per-share basis, Morgan Stanley's earnings were equivalent to 45 cents, versus a loss of 20 cents per share a year ago. Revenue jumped 37 percent, to $7.5 billion from $5.5 billion.
Morgan Stanley's stock rose $1.63 to close at $22.38 Friday, a gain of nearly 8 percent.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Reader Comments (