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Morgan Stanley's Quarterly Results Are Boring

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In an era when we've all come to expect surprise results from investment banks, Morgan Stanley handed over some completely unsurprising results this morning. The earnings per share, at 95 cents, were just about in line with expectations. (Although what that means in when the highest analyst prediction was twice the lowest is unclear.) John Mack, Chairman and CEO, issued a statement telling us that things that you know were down and the things most competitors are getting right were done right at Morgan Stanley also. In short, fixed income and asset management sucked. Prime brokerage and equity derivatives did well. Also, they have a "world-class international franchise." So everything will be alright then.