Morgan Stanley Lowers Profit Reported for 2017 by $43 Million
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Morgan Stanley said the U.S. tax overhaul reduced last year’s earnings by an additional $43 million and that it would adjust some pay awards so that executives weren’t hurt by the charge.
Net income for the full year was $6.11 billion, or $3.07 a share, according to a regulatory filing Tuesday. That’s 2 cents a share lower than what Morgan Stanley reported in January. The cut to fourth-quarter profit was 3 cents a share.