Morgan Stanley smashes profits forecasts
11 April 2012
Morgan Stanley, one of Canary Wharf's biggest employers, this afternoon said it had set aside $5 billion (£3 billion) to pay staff for the third quarter despite a slump in profits from a year earlier.
Although it managed to bounce back from its $159 million second-quarter loss, its profits for the quarter were $757million against $7.7 billion in the same three months a year ago. That was better than analysts predicted because of strong investment banking profits.
Today, Deutsche Bank said its profits would come in at �1.3 billion (£1.2 billion) for the third quarter.
The figures beat some analysts' forecasts but disappointed others who expected more after the bumper results from Goldman Sachs and JPMorgan last week.
