Bank of America 7, Morgan Stanley 12

Morgan Stanley HQ

Bank of America traders lost money on seven days during the second quarter, including $54m on one of them, ending the perfect streak of gains set during the first three months of the year.

Bloomberg News reports that the bank’s traders made money on 57 trading days, or 89% of the time, down from every day during 2013’s first quarter, Bank of America said today in a regulatory filing.

In the meantime, Bloomberg reports that Morgan Stanley, whose traders posted the biggest second-quarter revenue jump among U.S. banks, disclosed that it lost money in that business on 12 days in the period, down from 15 a year earlier.

Traders generated more than $100m on four days, up from three in the second quarter of 2012, the company said Friday in a regulatory filing.

None of the daily losses exceeded the bank’s so-called value-at-risk, an estimate of potential trading losses.

Finally, Reuters reports that Morgan Stanley has set aside an additional $199m for expected litigation expenses in the second quarter, much higher than the $4m increase it reported in the year-ago period, the bank said on Friday.

So far this year, Morgan Stanley has built up an additional $270m in litigation accruals, compared with $21m in the first six months of 2012.

Bank of America Traders Lost Money on 7 Days in Quarter

Morgan Stanley Traders Lost Money on 12 Days in Quarter

Morgan Stanley sets aside $199 million more for litigation costs

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