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Morgan Stanley Amends 2012 Profit to Add $87 Million Tax Benefit

Morgan Stanley (MS), owner of the world’s largest brokerage, amended fourth-quarter earnings to include an $87 million tax benefit disclosed in an annual filing this week.

Fourth-quarter net income was $594 million, or 29 cents a share, compared with the $507 million, or 25 cents, previously reported, according to an amended statement posted on Morgan Stanley’s website. The New York-based firm’s 2012 profit was $68 million, compared with a previously disclosed $19 million loss.

Morgan Stanley completed a review of deferred tax accounts this month and determined that a tax provision reported in 2012 should have been smaller, the New York-based firm said in an annual regulatory filing this week.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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