Morgan Stanley beats forecasts

City A.M. Reporter
Morgan Stanley has seen its second quarter revenues jump by 17 per cent, beating market expectations.

The US bank's net revenues totalled $9.3bn (£5.7bn) in the three months to 30 June, up from $8bn a year earlier.

Morgan made a net loss of $558m, or 38 cents per share, during the quarter.

However, it was triggered by a one-off $1.7bn charge, without which Morgan would have made a profit of 64 cents.

The charge was caused by an investor converting its Morgan shares.

The change by the investor in question - Japanese bank Mitsubishi UFJ Financial - had the effect of diluting Morgan's common shares.