Global financial services provider Morgan Stanley today reported a loss of $159 million in the second quarter of this year, mainly due repayment of government bailout funds.
It had a net income of $698 million in the same quarter last year.
Net revenues for the quarter were $5.4 billion, compared with $6.1 billion in last year's second quarter, the company statement said.
"This quarter we also saw continued improvement in credit default spreads and were among first banks to repurchase TARP capital – which are significant positive developments for the firm, but nonetheless had a negative impact on our results.
"...As we look to realize the full benefits of strategic initiatives we have been pursuing, we remain intensely focused on continuing to deliver innovative solutions to our clients and long-term value to our shareholders," Morgan Stanley Chairman and CEO John J Mack said.
The financial service provider repaid $10 billion during the quarter from the government's Troubled Asset Relief Program, incurring a one-time charge of $850 million.
For the first six months of 2009, loss from continuing operations applicable to Morgan Stanley was $345 million compared with income from continuing operations applicable to Morgan Stanley of $2.08 billion, a year ago.
