Because of the expected bottom-line loss and the increase in goodwill on the company's balance sheet from its purchase of an additional 14% stake in the Morgan Stanley Smith Barney joint venture from Citigroup, Konrad expects the company's tangible book value to decline to $26.15.
KBW expects Morgan Stanley's third-quarter revenue to come in at $6.843 billion, increasing from $6.828 the previous quarter, and $6.616 billion a year earlier.
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