AIG declared an after tax write-down hitting its bottom line by $2.7 billion and for Morgan Stanley this figure was $2.5 billion.
Morgan Stanley, the second biggest US securities firm after Goldman Sachs, has reportedly written down $3.7 billion in the first two months of its fourth quarter. More than $40 billion dollars have been written down so far by major banks and this figure is expected to escalate to $70 billion.
American International Group (AIG), world's largest insurance agency, had reported a 27% decline in earnings to $3.09 billion against $4.22 billion in the same quarter last year. AIG has insured some players against their mortgage related risks.
Morgan Stanley, the second biggest US securities firm after Goldman Sachs, has reportedly written down $3.7 billion in the first two months of its fourth quarter. More than $40 billion dollars have been written down so far by major banks and this figure is expected to escalate to $70 billion.
American International Group (AIG), world's largest insurance agency, had reported a 27% decline in earnings to $3.09 billion against $4.22 billion in the same quarter last year. AIG has insured some players against their mortgage related risks.
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