The traditional tour operators' business model is out of date, says Jamie Rollo of Morgan Stanley, a bank. Their fixed costs are high.

“传统旅游公司的运营模式已经过时了，”摩根·史坦利投资银行的杰米·罗洛说道，“他们的固有成本很高。”

youdao

Remember, Morgan Stanley is an investment bank.

请记住，摩根·斯坦利是一家投资银行。

youdao

Analysts at Morgan Stanley, an investment bank, point to an improvement in the creditworthiness of buyers which is causing lenders to loosen their purse strings.

投资银行摩根·斯坦利的分析师指出，买方的信誉有所改善，导致贷款人放松了贷款限制。

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They joined Goldman Sachs,J.P.Morgan, Morgan Stanley and Bank of America in returning government aid.

VOA: special.2010.01.01

The whole lot of them, from Citigroup to Morgan Stanley and Bank of America, all got whacked today.

FORBES: Problem With Germany And China: Who Bails Out The Bailers?

Morgan Stanley and Bank of America will take bigger hits than the other two, down 25% and 20%, respectively.

FORBES: Goldman: Bank 2Q Profits Down, "Bad But Not a Disaster"

Citigroup, Morgan Stanley and Bank of America all have puny yields.

FORBES: Don't Sweat Dividend Tax Hikes, Feast On Fat Yields