NEW YORK (AP) — Morgan Stanley swung back to a profit in the fourth quarter, helped by lower legal costs.
The New York-based investment bank said Tuesday it had a profit of $908 million in the three month period ending in December, or 39 cents per share. That's compared to a loss of $1.6 billion, or $1.37 per share.
Removing an adjustment tied to the value of Morgan Stanley's debt, the bank earned $986 million, or 43 cents per share. Analysts were looking for Morgan Stanley to earn 33 cents per share, according to FactSet.
Morgan Stanley's revenue was $7.74 billion compared with $7.76 billion the year before. Morgan Stanley had several legal settlements last year stemming from its role in the financial crisis.
Morgan Stanley shares rose 3.5 percent in pre-market trading.