New York (dpa) - Morgan Stanley saw first-quarter profits of
nearly $1 billion as good results from its wealth management
unit helped it recover from a loss in the same quarter a year
earlier, the financial services company said Thursday.
Chairman and chief executive James Gorman set a strategy to expand the wealth management division, seeing it as a stable source of income in times of crisis.
The New York-based company said it earned $958 million in the first quarter after suffering a loss of $119 million in 2012's first three months.
It is among the top 10 financial institutions on Wall Street, but its results lagged behind its rivals, including Goldman Sachs Group Inc, which saw profits of $2.2 billion in the first quarter, and JPMorgan Chase & Co with $6.5 billion.
To turn a higher profit, Gorman plans to cut jobs.
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