Morgan Stanley has announced a fourth quarter loss of $2.19 billion, almost double what analysts had expected.

Morgan Stanley has announced a fourth quarter loss of $2.19 billion, almost double what analysts had expected. Overall for the year, it booked a net profit of $1.7 billion, down 49 percent on 2008.
 

The figures came a day after rival Goldman Sachs also reported a $2.12 billion quarterly loss, its first since the investment bank went public in 1999.
 

Morgan Stanley has cut salaries across its business by around 26 percent, paying its employees $12.3 billion in compensation and benefits, compared with $16.6 billion a year ago.
 

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