Annual profits at Morgan Stanley fell 60% to $2.6 billion last year, despite $28 billion in revenues, after writedowns of $10.6 billion, surpassed only by UBS and Citigroup.

Morgan Stanley was forced to plug the leaks in its balance sheet with a $5 billion investment from sovereign wealth fund the China Investment Corporation, which had already invested a $3 billion stake in the Blackstone private equity group last May.

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