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Morgan Stanley smashes profits forecasts
21.10.09
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.
Reader views (2)
Mick
You mistake the Investment banks for the dross High Street banks. The UK government gave the investment banks nothing. They are the ones now making profits but the High Street banks like Lloyds and RBS are not bouncing back. The only High Street bank that took zero taxpayers was Barclays and guess what it is their investment banking division is driving its profits rebound! Wise up and stop listening to the self serving greedy pigs in Westminster.
- James Macleod Ritchie, Oyster Bay Cove
Sp lets see what this is all about?
For years banks make billions of pounds profit; we see the rise of Yuppies; then we see the fall of Yuppies as they mess up from time to time, then we see some Banks lose some profits last year due to Yuppie balls-ups for years; and overnight Governments all around the world bail out the banks with taxpayers money.
Then less than a year later, they are back making billions in profits again, and paying out bonuses again as if nothing had changed at all over the past year, and then threatening to leave the UK if they are taxed on these bonuses, forgetting that the ordinary taxpayer that doesn't receive huge bonuses at all, still have to pay their taxes for the next 20 years, to keep these financial geniuses happy, and stop them leaving the UK for pastures new, where they won't be taxed at all etc.
One would think; that with all the years of massive profits, they could at least have managed for one year to subsidize themselves, instead of letting poorer taxpayers all over the UK subsidise them etc?
One would also think; that as they are now back making miraculous profits in such a short space of time; they could or should repay all subsidies they received, to the taxpayers ''right away'' this would help reduce or even stop, the UK and other Countries National Debts due to bad banks and gormless Yuppies etc.
I think we have all been conned by the Banks and Yuppies, they were not really broke last year, just short of your cash?
- Mickinlondon, london
