(Reuters) – Morgan Stanley reported on Tuesday a drop in its profit in the fourth quarter, penalized by an exceptional charge of 535 million dollars (491.59 million euros) which offset the rebound in activity of investment banking.
Morgan Stanley, like its major rivals, is paying an exceptional contribution to the Federal Deposit Insurance Corporation (FDIC) to replenish a fund cut by nearly $16 billion in March 2023 after the collapse of three regional banking establishments.
The group paid $286 million (€262.80 million) in special assessment fees to the regulator and $249 million in legal fees.
“We enter 2024 with a clear and coherent business strategy and a unified management team. We are focused on achieving our long-term financial objectives and driving shareholder results,” said in a statement Morgan Stanley Managing Director Ted Pick.
In the quarter ended December 31, revenue at Morgan Stanley’s investment bank rose 5% from a year earlier.
The group’s net profit fell to 1.5 billion dollars (1.38 billion euros), or 0.85 dollars per share, compared to 2.2 billion dollars (1.26 dollars per share) per year. last.
(Reporting Manya Saini in Bangalore and Tatiana Bautzer in New York; French version Dagmarah Mackos)
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