Morgan Stanley (NYSE:MS) announced that it lost $11 million, or 6 cents pers share in its most recent fiscal quarter, versus a profit of $736 million, or 50 cents per share, in the same period last year. Excluding the debt valuation adjustment, the company earned $1.4 billion, or 71 cents per share. Revenue for the quarter was $6.9 billion. Excluding the debt valuation adjustment, revenue was $8.9 billion, up from $7.8 billion in the same period last year.
Shares are higher by about 2.3 percent.
Bank of America (NYSE:BAC) reported that it earned $653 million, or 3 cents per share, during the first quarter versus earnings of $2 billion, or 17 cents per share in the same period last year. Revenue was $22.3 billion for the quarter, down from $26.9 billion in the same period last year.
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