Morgan Stanley's profits fall 59 percent due to tax bill

NEW YORK (AP) — Morgan Stanley's earnings fell 59 percent in the fourth quarter as the investment had to book $990 million in charges related to the new tax law.

Morgan Stanley earned $686 million, or 29 cents a share, down from $1.67 billion, or 81 cents a share, from a year ago. Excluding the tax charges, the earnings were 84 cents a share, beating analysts' forecasts.

Like other banks, Morgan Stanley had to write down the value of its deferred tax assets, which are tax credits the bank stockpiled after the financial crisis. The lower corporate tax rates under the new law lowered the value of those assets.

See Also:

• Iraq, BP sign initial deal to develop Kirkuk oil fields

• Zimbabwe's president says elections to be in May or June

• Players criticize 'risky' conditions at broiling Aussie Open