NEW YORK - Morgan Stanley is reporting a loss $558 million for the second quarter. The investment banks' earnings took a hit from converting an investment from a Japanese bank into common stock.
Mitsubishi UFJ Financial Group helped rescue Morgan Stanley during the 2008 financial crisis with an investment of $9 billion.
Morgan Stanley said Thursday it lost 38 cents a share. That was less than the 61-cent loss analysts were expecting. Revenue of $9.3 billion was also more than analysts expected, according to FactSet.
Morgan Stanley's stock rose 6 percent in pre-market trading.
Compensation expenses, including salaries and bonuses, rose 20 percent to $4.7 billion from $3.8 billion in the same quarter last year.