Financial Times FT.com

Morgan Stanley trading behind Goldman

By Justin Baer in New York

Published: November 10 2009 00:27 | Last updated: November 10 2009 00:27

Morgan Stanley’s traders lost money on five of 64 trading days last quarter, a performance that underscored that the markets’ gradual revival had not helped the bank close the gap with its arch-rival, Goldman Sachs, which had one losing day.

Details of the trading results, disclosed on Monday in a filing with US securities regulators, come four months after Morgan Stanley executives conceded that their traders’ reluctance to put more of the bank’s own capital at risk had affected results in the second quarter.

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