Page last updated at 15:45 GMT, Wednesday, 21 April 2010 16:45 UK

Morgan Stanley sees $1.4bn profit

Wall Street sign
Most Wall Street banks are reporting upbeat performances

Wall Street giant Morgan Stanley has reported a net profit of $1.4bn (£910m) in the first three months of 2010.

A strong showing from its trading division was credited with much of its earnings - which compared with a loss of $578m in the same period last year.

The results follow on from strong profits at Goldman Sach and JP Morgan Chase as large banks continue to recover from the financial crisis.

Morgan Stanley said it had set aside $2.2bn in the quarter for bonuses.

However, the bank insisted it was trying to cut the proportion of income it sprend on pay.

The bank made a loss in 2009 - and new chief executive James Gorman has changed the leadership of some of the bank's key departments.

Meanwhile another bank, Wells Fargo, said that its first-quarter earnings had fallen by 1% to $2.37bn as it continued to lose money on consumer loans.

However, the bank said it believed it had "turned the corner" with its credit problems.

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