Morgan Stanley is estimated by rival bankers to have made a €9.25m ($10.9m) loss on its €980.5m block sale of a 2% stake in Italian bank UniCredit for German reinsurer Munich Re today.

Morgan Stanley is reckoned to have bid €5.35 per share for the stake, but after offering the 185 million shares at €5.33 to €5.38, was only able to price them at €5.30.