Morgan Stanley’s Global Wealth Management Group said its pre-tax income from continuing operations plunged to $244 million in the fourth quarter, while increasing to a total of $1.3 billion for the year.

The Global Wealth Management Group reported $244 million in pre-tax income for the fourth quarter, down 37% from the $390 million the firm earned in the fourth quarter of 2010. At the same time, its pre-tax income of $1.3 billion for all of 2011 represented a modest increase from the $1.2 billion recorded in 2010.

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