Morgan Stanley's new chief executive pledged to "never take risks that jeopardise the financial health of the firm", as the US bank moved back into the black for the full year, after making a net loss of $807m a year ago.

Morgan Stanley said in its full-year results today that profits for the final three months of last year were $413m (€292m), compared to the $13bn loss in revenues this time last year. This was aided by $6.8bn of net revenues during the quarter.