Morgan Stanley Shares Turn Lower on the back of Tax Errors

Shares of Morgan Stanley reversed lower in after-hour trading on Monday after closing the session higher due to a report that said the banker had provided a large number of wealth-management clients with wrong information that caused them to pay their taxes inaccurately over the past five years.

The errors occurred in tax caused some wealth management clients to underpay and others to overpay their tax in the five-year period to 2016. The bank said it was setting aside $70 million to cover the costs and “committed to making this right for our clients with minimal inconvenience to them”, according a Morgan Stanley spokesman.

The company also said that it would notify any customers that may have overpaid taxes and reimburse them.

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