MORGAN STANLEY IS back. In fact, so quick has the turnaround in its fortunes been that you probably didn’t even notice that it had gone away.
When the US investment bank reported its earnings for the second quarter of 2007 in June, it surpassed all expectations. Perhaps the market should not have been so surprised. Morgan Stanley’s full-year 2006 results had been a huge advance on the dark days of 2005. Its Q1 2007 results were a record.
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