Morgan Stanley reported on Wednesday first-quarter net revenue of $3.0 billion and a net loss of $0.57 per diluted share. The bank's shares fell 4.1 percent before market open.

Highlights

* Enhances capital by reducing dividend to $0.05 per share

* Says tangible common equity to tangible assets ratio of 4.3%

* Says tier 1 capital ratio of 16.4%

* Says fixed income sales and trading delivered net revenues of $1.3 billion

* Says achieved headcount reductions of 5 percent during the quarter

* Says lowered non-compensation expenses 9 percent from last year's first

quarter

* Says total capital as of March 31, 2009 was $210.9 billion

* Says on track to achieve annual cost savings target of $2 billion

* Hurt by $1.5 billion decrease in net revenue related to tightening of credit

spreads on certain long-term debt

* Says as of March 31, 2009, has not repurchased any shares of its common stock

during this fiscal year

* Qtrly global wealth management net revenues $1.3 billion, down 20 percent

* Reuters Estimates Q1 earnings per share view $-0.09, revenue view $4,907.82

million

* Says equity sales and trading delivered net revenues of $0.9 billion

* Mark-to-market losses of $0.4 billion on loans and lending commitments

* Investment losses were $0.8 billion

* Qtrly global wealth management group pre-tax income of $119 million

* Qtrly asset management pre-tax loss of $559 million

* Says assets under management or supervision at March 31 was $356 billion

Morgan Stanley Citigroup Fall