Morgan Stanley Doubles Income

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After one year under CEO John Mack, Morgan Stanley has more than doubled it's net income, according to today's earnings report. Trading did very well, the mergers and acquisition advisory business was less damaged by the defections under Phil Purcell, Mack's predecessor at tha bank, than some had suspected and even the brokerage business did better. The DIscover credit card division, which Purcell had planned to sell, saw its revenues rise 34%.

Morgan Stanley Net Doubles on Trading, Underwriting
[Bloomberg]

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