Morgan Stanley Q2 net revenues down to $8.9 billionStaff Writer | July 20, 2016
Morgan Stanley reported net revenues of $8.9 billion for the second quarter ended June 30, 2016 compared with $9.7 billion a year ago.
Morgan Stanley Compensation expense was $4 billion
The prior year quarter included DVA revenue of $182 million. Excluding DVA in the prior year quarter, net income applicable to Morgan Stanley was $1.7 billion, or $0.79 per diluted share.
Compensation expense of $4 billion decreased from $4.4 billion a year ago partially driven by lower revenues. Non-compensation expenses of $2.4 billion decreased from $2.6 billion a year ago. Results reflect execution of the Firm’s disciplined expense management strategy.
The annualized return on average common equity was 8.3 percent in the current quarter. ■