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Morgan Stanley Q1 net revenues down 17%

Morgan Stanley has reported net revenues of $8.3 billion for the first quarter ended February 29, 2008, a decrease of 17% compared to the same period ended February 28, 2007.

Income from continuing operations was $1.5 billion, or $1.45 per diluted share for the first quarter of 2008, compared to $2.3 billion, or $2.17 per diluted share for the same period in 2007. Non interest expenses were $6.1 billion for the first quarter, a decrease of 7% compared to the corresponding period of 2007. The non interest expenses for the 2008 quarter included severance expense of approximately $161 million related to staff reductions.

Net income was $1.5 billion, or $1.45 per diluted share for the first quarter of 2008, compared to $2.6 billion, or $2.51 per diluted share for the corresponding period of 2007.

Net income for the first quarter includes the results of Discover Financial Services and Quilter Holdings which are reported in discontinued operations. The annualized return on average common equity was 19.7% for the first quarter of 2008, compared to 29.9% for the same period in 2007.

The company’s international businesses recorded revenues of $4.5 billion for the first quarter, up 15% compared to the corresponding period of 2007.

John Mack, chairman and CEO, said: Despite turbulent markets, Morgan Stanley achieved strong performance across many of our businesses this quarter – delivering a firm wide ROE of 20% – and continued taking important steps to position the firm for growth as we move forward in 2008.