Profits Decline 30% at Morgan Stanley, Bear Stearns, Lehman, expects to cut staf

Morgan Stanley Dean Witter, Lehman Brothers Holdings and Bear Stearns Cos. reported steep drops in their latest quarterly profit as investment-banking activity suffered amid continued weakness in the stock market. The firms said they would continue efforts to control costs this year, though none plans to announce layoffs.Morgan Stanley (MWD) said Wednesday that its fiscal Q1 net income fell 30% to US$1.08bln, or 94 US cents a diluted share. Morgan Stanleyˇ¦s President and Chief Operating Officer Robert Scott said the company had expected growth of staff number, and is looking to reduce costs and increase profit margins. Lehman reported the company its fiscal Q1 net income decreased 28% to US$387mln, or US$1.39 per share. Bear Stearns's (BSC) net income tumbled 40% to US$166mln, or US$1.10 per share. 

Related stock : (NIL)