Morgan Stanley posts fourth-quarter profit
Thomson ReutersThe corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in the Manhattan borough of New York City
(Reuters) - Morgan Stanley reported a fourth-quarter profit, compared with a year-earlier loss, as its legal costs plunged and compensation expenses fell.
The Wall Street bank reported earnings of $753 million, or 39 cents per share, applicable to common shareholders compared with a loss of $1.75 billion, or 91 cents per share, a year earlier.
Excluding an accounting adjustment, the bank earned 43 cents per share.
Analysts on average had estimated earnings of 33 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.
(Reporting by Richa Naidu and Olivia Oran; Editing by Kirti Pandey)
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