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Why Jim Cramer Regrets Selling Goldman Sachs

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Let's talk about the banks, starting with Morgan Stanley.

Morgan Stanley (MS) - Get Report reported earnings that came in at $2.19 per share, which is up 116% from the same period last year and firmly ahead of the forecasts for $1.70 per share. Revenues rose 65% to $15.7 billion, which topped analysts' forecasts of a $14.1 billion tally.

“The Firm delivered record results," said CEO James Gorman. "The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows (and) the Firm is very well positioned for growth in the years ahead.”

TheStreet's Martin Baccardax noted that, in an otherwise impressive first-quarter earnings report. which included record inflows for its wealth management division, Morgan Stanley reported a $911 million loss linked to what is described as a "single client event."

"The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client," Morgan Stanley noted in its Friday filing and later identifying as Archegos Capital on its conference call with investors. "And $267 million of subsequent trading losses through the end of the quarter related to the same event."

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