(Financial Times - U.K.)

Morgan Stanley reported disappointing second quarter results on Wednesday as repayment of government funds and the accounting costs related to its improving credit spreads drove the bank to its third consecutive quarterly loss.

In the second quarter Morgan Stanley lost $159m, or $1.37 a share, from continuing operations, trailing estimates of Wall Street analysts that it would lose 49 cents a share. That compared with profit of $689m, or 61 cents, a year ago and revenues at Morgan Stanley fell by 11.5 per cent from the second quarter of 2008 to $5.4bn.
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