Morgan Stanley's divestments feed uncertain future
E-mail The once-mighty investment bank Morgan Stanley is watching every penny of its $1.02 billion profit in the second quarter. For some companies, the profit is enormous; for Morgan Stanley it's a disappointment. Profit for the No. 2 investment bank declined 60% from the same year-ago period, but things could have been worse, if it wasn't for the sale of $1.4 billion of some of its assets that included Spanish wealth management business, Morgan Stanley Wealth Management. But some wonder, where will Morgan Stanley's earnings numbers in future quarters be when it won't be able to count on any divestments...
