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Morgan: New $5.7B writedown

Wall Street firm suffers loss in the quarter, takes another big hit from mortgage problems; CEO John Mack accepts blame.
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See all CNNMoney.com RSS FEEDS (close) December 19 2007: 7:51 AM EST


NEW YORK (CNNMoney.com) -- Morgan Stanley reported a worse-than-expected quarterly loss Wednesday and said it would take an additional $5.7 billion mortgage-related writedown in the fourth quarter.

The Wall Street firm said its net loss was $3.59 billion, or $3.61 a share, for the period ending Nov. 30. A year ago the firm posted a profit of $2.21 billion or $2.08 a share.

Analysts polled by Thomson Financial were anticipating a loss of 39 cents a share.

The company also said it would take an additional $5.7 billion in writedowns during the quarter, on top of $3.7 billion already announced.

John Mack, Morgan's chairman and chief executive, called the quarter "deeply disappointing" and took full responsibility for the results, adding that he would not accept a bonus for 2007.

"The writedown Morgan Stanley took this quarter is deeply disappointing - to me, to our colleagues, to our Board and to our shareholders," said Mack.

"Ultimately, accountability for our results rests with me, and I believe in pay for performance, so I've told our compensation committee that I will not accept a bonus for 2007."