Morgan Stanley (NYSE:MS) said it would book a $1.3 billion tax benefit during the fourth quarter, as it converted its wealth business to a corporation from a partnership. In its 10-Q filing, Morgan Stanley (NYSE:MS) also disclosed that it has enhanced other expenses for the quarter nine months ended September 30, 2014 by $30 million after additional wealth-management clients came forward to rescind trades they’d made. Change in Morgan Stanley’s tax status In a regulatory filing Tuesday, the Wall Street firm said that it had converted Morgan Stanley Smith Barney from a partnership to a corporation. This switch facilitated the…
Morgan Stanley Enjoys $1.3 Billion Tax Benefit
Mani
Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports