Morgan Stanley Thought Likely To Post Loss
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The firm is expected to make more real estate and leverage loans writedowns, and take a hit of up to $1.7bn on certain structured fixed income instruments.
Barclays Capital analyst Roger Freeman said: 'In this quarter, the tide is in favour of Goldman Sachs and against Morgan Stanley', as Goldman has more exposure to equities (which have rallied).
Bloomberg reports that Wells Fargo said that it will report record first-quarter profits of around $3bn on 22nd April, and said that the Wachovia acquisition is exceeding expectations. The pre-announcement of earnings sparked a major rally in US stocks Thursday. Not everyone is convinced, however, that all is rosy over at Wells. KBW bank analyst Frederick Cannon said in a note: 'Details were scarce, and we believe that much of the positive news in the preliminary results had to do with merger accounting, revised accounting standards and mortgage default moratoriums, rather than underlying trends.....We expect earnings and capital to be under pressure due to continued economic weakness'.
Finally, Reuters reports that Sumitomo Mitsui Financial Group is expected to post a $3.9bn full-year loss for the 12 months to 31st March. The Japanese bank is also thought likely to announce plans to raise an additional $8bn in capital.
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