Morgan Stanley posts deeper than expected Q1 losses

The $177 million loss in the past three months comes on the back of a December shortfall of $1.3 billion.

It was bound to happen. After several US banks managed to beat street estimates on earnings, yesterday came one that did not. And quite predictably this set off another slide in financial stocks, which were already weakened after Bank of America's first-quarter numbers earlier in the week sparked renewed concerns about loan losses.

Being primarily an investment bank, loan losses were never going to be a big drag on Morgan Stanley's results, but the first-quarter earnings released by the bank...

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