Media Decoder: News Outlets Take to Washington for Inauguration Coverage

If he squints hard enough, President Obama will be able to see CNN from his perch on the inaugural podium on Monday.

The cable news channel has set up an elaborate studio on the National Mall — one of the four locations where its anchors will be leading coverage of Mr. Obama’s second inaugural celebration.

“The goal is to put our anchors in the middle of all the activity,” said Sam Feist, CNN’s Washington bureau chief. So in the morning, Wolf Blitzer will start out by the Capitol building and Anderson Cooper by the Mall, moving to new spots along the parade route in the afternoon. Other anchors will be at the inaugural balls at night.

The coverage might seem more subdued on other major television networks, reflecting the fact that there is generally less enthusiasm for presidential inaugurations the second time around. Still, the ceremony and the spectacle that accompanies it will take over the networks and news channels beginning with their morning shows, some of which are relocating to Washington for the day.

CBS has built a studio on the Mall beside CNN’s. Its one-year-old morning show, “CBS This Morning,” will be broadcast from there and expand to three hours for the day. NBC’s “Today” show will have all of its hosts in Washington, as well.

ABC’s “Good Morning America” is doing it a bit differently, sending George Stephanopoulos and Josh Elliott to Washington and having the show’s other hosts stay in New York.

The bulk of the festivities will be anchored by the same correspondents who handled election night for their networks. There has been a last-minute change at PBS, though: Judy Woodruff is away from Washington because of a family illness, a spokeswoman said, so the senior correspondent Jeffrey Brown will anchor with Gwen Ifill, instead.

Most Americans will watch the inauguration on television, just as they did in 2009, the first time Mr. Obama was inaugurated. But there will also be a panoply of Web sites live-streaming the event, including that of the Presidential Inauguration Committee.

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Stan Musial dies at 92; Cardinals' Hall of Fame hitter

To generations of baseball fans, he was simply "Stan the Man."

Stan Musial, a legendary slugger for the St. Louis Cardinals who came to embody one of the sport's most successful franchises, died Saturday. He was 92.

Musial, who had Alzheimer's disease, died at his home in the St. Louis suburb of Ladue, the Cardinals announced.

During his 22 seasons, all with the Cardinals, Musial won seven National League batting titles and three most valuable player awards. A career .331 hitter, he was inducted into the Hall of Fame in 1969, becoming only the fourth player chosen in his first year of eligibility.

"Stan Musial was the greatest player in Cardinals history and one of the best players in the history of baseball," William DeWitt Jr., the Cardinals' chairman, said Saturday in a statement.

Musial's nickname was inspired by Brooklyn Dodger fans who marveled at his mastery of the Dodgers at Ebbets Field and complained, "Here comes the man again."

Don Newcombe, a star pitcher for the Dodgers, told Sports Illustrated in 2010: "I could have rolled the ball up there against Musial, and he would have pulled out a golf club and hit it out."

Stanley Frank Musial was born Nov. 21, 1920, in Donora, Pa., to Lukasz and Mary Lancos Musial, the fifth of their six children.

In high school, Musial was a two-sport star. He could have played college basketball on scholarship but signed with the Cardinals as a pitcher in 1938.

He was so wild in Williamson, W.Va., the lowest level of the Cardinals' minor league system, that his manager suggested he be released. But another player's injury gave him a chance to play outfield, and he saved his career by hitting .352. The next season in Daytona Beach, Fla., Musial hurt his left shoulder diving for a ball in center field, ending his pitching career.

"My arm never did get better," he told the St. Louis Post-Dispatch in 2002. "I couldn't throw hard from then on. But it never bothered my hitting."

In 1941, he reached the majors despite starting the season on a lowly minor league team in Springfield, Mo. He hit .426 in 12 games late in the season for St. Louis, and the Cardinals finished second to the Dodgers. Musial had a remarkable season, hitting a combined .364 after jumping through the St. Louis minor league system. "Facing oblivion in the spring, he reached stardom," according to the 2001 book "Musial: From Stash to Stan the Man."

With Musial in the lineup beginning in 1942, the Cardinals reached the World Series in three consecutive seasons, winning in 1942 and 1944.

"The '42 Cardinal club was the best I was with. If the war hadn't come along, I feel we could have won maybe six or seven pennants in a row," St. Louis outfielder Terry Moore said in the 1994 book "Stan the Man Musial: Born to Be a Ballplayer."

In 1943, Musial won his first batting title and MVP award when the Cardinals lost the series to the New York Yankees.

Musial said he "memorized the speed at which every pitcher in the league threw his fastball, curve and slider. Then I'd pick up the speed and rotation of the ball in the first 30 feet of its flight and knew how it would move once it approached the plate."

Leo Durocher, who faced Musial as a player and manager, once said the only way to pitch him was "under the plate."

Musial's signature feature was a distinct batting stance that Chicago White Sox pitcher Ted Lyons once said made him look like "a kid peeking around the corner to see if the cops are coming." Former St. Louis Manager Whitey Herzog had told Musial, "I tried to have your stance and I was in the minors for eight years."

After spending 1945 in the Navy, Musial again led the Cardinals to the World Series in 1946, when they defeated the Boston Red Sox in seven games. Musial and Red Sox star Ted Williams struggled in the series, each hitting only .222. It was Musial's last World Series.

His best season may have been 1948, when he was named the league's most valuable player for the third time. Healthy after having appendicitis in 1947, Musial led the league in almost every offensive category, including his .376 batting average and 131 runs batted in. He just missed winning the triple crown with 39 home runs, one short of the league lead.

He hit five home runs during a doubleheader in 1954 and reached a career milestone in 1958 with his 3,000th hit.

Musial retired after the 1963 season and spent a year as the Cardinals' general manager. He remained a celebrity in St. Louis, running Stan Musial & Biggie's Restaurant, which he opened in 1949.

At baseball's 2009 All-Star game in St. Louis, Musial received a standing ovation when he was driven onto the field before the game. He handed a ball to President Obama, who threw out the ceremonial first pitch.

When Musial received the Presidential Medal of Freedom, the nation's highest civilian honor, in 2011, Obama noted that "his brilliance could come in blinding bursts" and said he "remains to this day an icon, untarnished … a gentleman you'd want your kids to emulate."

Musial's wife of 72 years, Lillian, died in May. He is survived by their son, Richard; daughters, Gerry Ashley, Janet Schwarze and Jean Edmonds; 11 grandchildren; and 12 great-grandchildren.

"He had greatness and warmth and affection and appreciation," sportscaster Bob Costas, whose career started in St. Louis, told Scripps Howard News Service in 2003. "But there wasn't a specific thing for people to hang their hat on — other than those who really followed him and saw him play.... All he was was incredibly good for an incredibly long time and an unbelievably nice guy."

Thursby is a former Times staff writer.

news.obits@latimes.com

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Timeline: Kim Dotcom’s year, from Megaupload to Mega

AUCKLAND (Reuters) – Here are the milestones in the past year for Megaupload founder Kim Dotcom. Dotcom plans to launch on January 20 a new online file storage system, known as Mega.

January 20, 2012 – Seventy armed New Zealand police raid Megaupload founder Kim Dotcom’s mansion outside Auckland, acting on a request from the U.S. Federal Bureau of Investigation.

Dotcom and his colleagues Finn Batato, Mathias Ortmann and Bram van der Kolk are served extradition and search warrants, arrested, and taken into custody. As operators of the website, they are charged with online piracy, fraud and money laundering, and their computers and files are seized. Megaupload is closed down. The raid occurs on the same day U.S. lawmakers axe anti-piracy legislation following heavy public opposition.

February 22 – Dotcom is released on bail, but his movements are restricted and he is prohibited from leaving New Zealand. His bail conditions are eventually relaxed to allow him free movement within the country, while the millionaire is given some access to his frozen funds to pay his legal team and living costs.

June 28 – A New Zealand court rules that search warrants used by local police to raid the Dotcom mansion were illegal, and moves by the FBI to copy data from Dotcom’s computers to take offshore were also unlawful. The court’s action is seen by many as weakening the extradition case against Megaupload.

August 16 – U.S. efforts to extradite Dotcom are dealt another blow as a New Zealand court rules that prosecutors must show evidence to support charges of internet piracy and copyright breaches. The judge in the case says withholding evidence from Dotcom would give Washington a significant advantage in the extradition hearing. She also rules that the document used to order his extradition was illegal.

September 27 – New Zealand’s Prime Minister admits that the country’s spy agency illegally carried out surveillance on Dotcom, a resident of the country, despite a law which prohibits monitoring citizens and residents.

October 10 – A U.S. federal judge rules that the U.S. government’s criminal case against Megaupload will proceed, while leaving open the option of dismissing the case at a later date on grounds including the possibility that delays in proceedings have denied Megaupload to its right to due process.

January 20, 2013 – Dotcom is due to launch his new cyberlocker, Mega.co.nz, whose encryption system is designed to offer water-tight privacy protection of user files. The launch comes as Dotcom and his colleagues await their extradition hearing, which has been delayed until August.

(Reporting by Naomi Tajitsu)

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“Beasts of Southern Wild,” “Les Miz” among Costume Designer Award nominees

LOS ANGELES (TheWrap.com) – Films as diverse as “Beast of the Southern Wild” and “Les Miserables” were among the nominees for the 15th annual Costume Designers Guild Awards announced Thursday by the organization.

Stephani Lewis was nominated for “Beasts” in the contemporary film category, along with Louise Stjernsward for “The Best Exotic Marigold Hotel,” Mark Bridges for “Silver Linings Playbook,” Jany Temime for “Skyfall” and George L. Little for “Zero Dark Thirty.”

Paco Delgado was nominated in the period film group, along with Jacqueline West for “Argo,” Jacqueline Durran for “Anna Karenina,” Joanna Johnston for “Lincoln” and Kasia Walicka-Maimone for “Moonrise Kingdom.”

The winners of the seven competitive awards will be announced at a gala on Tuesday, February 19, at the Beverly Hilton Hotel.

A special Lacoste Spotlight Award will be presented to Anne Hathaway. Producer, writer, comedian and creator of “Saturday Night Live” Lorne Michaels will receive the Distinguished Collaborator Award. Honorary Career Achievement Awards will be presented to costume designers Judianna Makovsky and Eduardo Castro for their outstanding work in film and television.

The other nominees:

Fantasy Film

“Cloud Atlas,” Kym Barret, Pierre-Yves Gayraud;

“The Hunger Games,” Judianna Makovsky;

“Mirror Mirror,” Eiko Ishioka;

“Snow White and the Huntsman,” Colleen Atwood

Contemporary TV Series

“Girls,” Jennifer Rogien;

“Nashville,” Susie DeSanto;

“Revenge,” Jill Ohanneson;

“Smash,” Molly Maginnis;

“Treme,” Alonzo Wilson, Ann Walters

Period/fantasy TV Series

“Boardwalk Empire,” John Dunn, Lisa Padovani;

“Downton Abbey,” Caroline McCall;

“Game of Thrones,” Michele Clapton;

Made for TV Movie or Mini Series

“American Horror Story: Asylum, Season 2,” Lou Eyrich;

“Hatfields & McCoys,” Karri Hutchinson;

“Hemingway & Gellhorn,” Ruth Myers

Commercials

Capital One: Couture, Roseanne Fiedler;

Captain Morgan Black, Judianna Makovsky;

Dos Equis: Most Interesting Man in the World, Julie Vogel

Movies News Headlines – Yahoo! News

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The Boss: New Leaders Inc. C.E.O. on Giving Children a Chance

I AM the youngest of 10 children in my family, and the only one born in the United States. My father was a municipal judge who fled Haiti during the Duvalier regime. He and my mother settled in the Bedford-Stuyvesant area of Brooklyn, but could not initially afford to bring over my four brothers and five sisters, who stayed in Haiti with relatives.

Jean S. Desravines is the chief executive of New Leaders Inc. in New York.

AGE 41

FAVORITE PASTIMES Karate and taekwondo

MEMORABLE BOOK "How Children Succeed: Grit, Curiosity and the Hidden Power of Character," by Paul Tough

Since he did not speak English fluently, my father worked as a janitor and had a second job as a hospital security guard. He later took a third job driving a taxi at night to pay for my tuition at Nazareth Regional High School, a Roman Catholic school in Brooklyn. My parents were determined that I was going to get a good education, and wanted to keep me away from local troubles, which did claim two of my childhood friends.

Working so many jobs overwhelmed my father. He had a heart attack and died at age 59 behind the wheel of his taxi. My mother found it difficult to cope without my father and moved back to Haiti in 1989 with two of my siblings. I thought I would have to leave school because I had no money for tuition, but Nazareth agreed to pay my way.

I wound up sleeping in my car for almost three months, showering at school after my track team’s practice. I also held down two jobs, both in retailing, and one of my sisters and I rented a basement apartment in East Flatbush.

After graduating from high school in 1990, I attended St. Francis College in Brooklyn, on athletic and academic scholarships. I worked first at the New York City Board of Education, where H. Carl McCall was president, then in his office after he became New York State comptroller. I later worked in the office of Ruth Messinger, then the Manhattan borough president.

I broadened my nonprofit organization experience at the Faith Center for Community Development while earning my master’s of public administration at New York University. I married my high school sweetheart, Melissa, and we now have two children.

In 2001, I began to work toward my original goal — improving educational opportunities for children — and joined the city’s Department of Education. I was later recruited under the new administration of Mayor Michael R. Bloomberg to help start a program as part of his Children First reforms.

In 2003, I became the Department of Education’s executive director for parent and community engagement, and, two years later, senior counselor to Joel I. Klein, then the school chancellor. He taught me a great deal about leadership and how to change the education system. But I began to realize public education could not be transformed without great principals who function like C.E.O.’s of their schools.

So in 2006 I returned to the nonprofit world, to New Leaders, a national organization founded in 2000 to recruit and develop leaders to turn around low-performing public schools. Initially, I managed city partnerships and expanded our program in areas like New Orleans and Charlotte, N.C.

In 2011, I became C.E.O., and revamped our program to produce even stronger student achievement results, streamlined our costs, diversified funding sources and forged new partnerships. We have an annual budget of $31.5 million, which comes from foundations, businesses, individuals and government grants, and a staff of about 200 people at a dozen locations.

We have a new partnership with Pearson Education to provide greater learning opportunities to public school principals. The goal of these efforts is to have a great principal in each of our nation’s public schools — to make sure that, just as I did, all kids get a chance at success.

As told to Elizabeth Olson.

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Obama loyalists are now Organizing for Action

WASHINGTON — Underscoring its potential to become a political heavyweight, a new advocacy group launched Friday to push President Obama's second-term agenda will be guided by his most-trusted strategists and have access to his reelection campaign's most-prized assets, including its intricately detailed voter databases.

In an email to supporters with the subject line "Say you're in," Obama vowed that the group, Organizing for Action, would be "an unparalleled force in American politics."

"It will work to turn our shared values into legislative action — and it'll empower the next generation of leaders in our movement," the president wrote.

Jim Messina, who managed Obama's 2012 campaign, will be chairman of the board, and longtime Obama advisor David Axelrod will serve as a consultant. David Plouffe, Obama's top political advisor, will also have a role when he leaves the White House, a move expected to happen soon.

"If we can take the enthusiasm and passion that people showed throughout the campaign and channel it into the work ahead of us, we will be unstoppable," Messina wrote in an email to campaign donors.

To accomplish that, however, the organization must avoid the fate of a previous effort Obama officials made in 2009 to transform his first presidential campaign into a permanent advocacy force. That project, the similarly named Organizing for America, was criticized by many Democrats for failing to effectively harness the president's grass-roots supporters.

The new group, unlike its predecessor, will be independent of the Democratic National Committee. It is being run by Jon Carson, who most recently directed the White House Office of Public Engagement. Based in Chicago and Washington, the organization's board is stocked with veteran Obama aides Robert Gibbs, Stephanie Cutter, Jennifer O'Malley Dillon, Erik Smith and Julianna Smoot, as well as technology entrepreneur Frank White, a top campaign fundraiser.

Set up as an tax-exempt advocacy group, Organizing for Action will have freer rein to operate, as well as the ability to deploy the sophisticated databases and software developed for Obama's reelection campaign. The campaign will lease those valuable assets to the advocacy group, retaining control for the foreseeable future.

The arrangement gives Obama allies supervision over the campaign's voter files, technology and email lists, which are coveted by other Democratic candidates and interest groups. The campaign has not yet made any decisions about who else will get access to them.

The decision about how — and if — the campaign's infrastructure will be shared is one of the most pressing questions being raised in Democratic circles in the wake of the group's launch.

"We've never had a presidential campaign that created and retained the kind of information that the Obama 2012 campaign built," said Democratic strategist Steve Hildebrand, who served as a top Obama campaign official in 2008. "So it's going to take more than a few weeks to figure this new environment out and how it should apply to future elections."

Those assets could give other candidates a strong edge, and party strategists warn of a backlash if the Obama campaign does not share its resources. But deciding who would get to use them could be tricky — particularly in the fight for the 2016 Democratic presidential nomination, which could see Vice President Joe Biden competing against Secretary of State Hillary Rodham Clinton.

The current arrangement raises many questions, including whether the campaign will have the funds for the costly project of keeping the files current. "They are a hot commodity right now, but these lists quickly become like stinky cheese," said Steve Rosenthal, a veteran Democratic organizer. "If you don't keep updating them, they have pretty limited value."

Officials said Friday that Organizing for Action, which was set up under the tax code's section 501(c)4 as a nonprofit social welfare organization, will accept unlimited individual and corporate donations but not contributions from lobbyists, similar to the self-imposed rules governing the 2013 Presidential Inaugural Committee.

The organization plans to disclose its donors, as the inaugural committee does, even though tax-exempt advocacy groups are not required to do so. But it remains to be seen how frequently Organizing for Action will share that information and whether it will reveal the amount of the donations.

matea.gold@latimes.com

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Twitter co-founders move Obvious Corp into spacious new digs

SAN FRANCISCO (Reuters) – Evan Williams and Biz Stone, the co-founders of Twitter, have leased three sprawling floors in a historic downtown San Francisco tower for their low-profile start-up incubator, The Obvious Corporation.

Obvious said Friday it leased 75,000 square feet at the busy 760 Market Street location – known as the Phelan Building – in one of the city’s larger commercial real estate deals in recent months.

The downtown space will be able to hold roughly 500 employees and signals ambitions at Obvious, which was re-constituted when Williams and Stone both left Twitter in 2011.

The incubator, with no more than two dozen employees, has mostly stayed out of the press except when it unveiled two new blogging platforms called Medium and Branch last September.

Although still thinly staffed, Obvious’s new space is larger than start-up Pinterest’s recently inked lease in the city.

“We need the right space from which to grow the Medium team and position Obvious to focus on bringing our new ideas to life,” Obvious CEO Williams said in a statement Friday about the new lease.

The company will occupy the seventh, eighth and ninth floors of the triangular building, which wraps around a central courtyard, said Jenny Haeg, a real estate agent who has brokered leases for Square Inc, Dropbox, Airbnb and other large tech startups.

(Reporting by Gerry Shih; Editing by Bob Burgdorfer)

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John Powers, author who wrote about growing up Catholic, dies

(Reuters) – John Powers, a U.S. author and motivational speaker who wrote about his experiences growing up Catholic in Chicago including the novel “Do Black Patent Leather Shoes Really Reflect Up?” has died, his family said on Thursday.

Powers, 67, died late Wednesday of natural causes at his home in Lake Geneva, Wisconsin, his daughter Jacey Powers said.

A product of a working-class neighborhood, Powers wrote what he called humorous social portraits in columns to novels, a musical based on “Black Patent Leather Shoes” and more recently wrote and performed one-man shows.

“He cherished every moment and lived with tremendous passion and motivated others to do the same,” Jacey Powers said.

Powers lived the last 25 years in Lake Geneva, spending almost all of his time writing on the front porch, she said.

“He had just finished rewriting his one-man show and wanted to put it up,” Jacey Powers said. “(He) was always looking for new ways to reinvent himself and to find the next challenge and to live life better.”

A self-described “horrible” student at a Catholic high school – his motivational speaking website says he graduated in the bottom 3 percent of his class – he liked to say he was the only student in school history to fail music appreciation.

Powers went on to earn a bachelor’s degree from Loyola University Chicago, and a master’s and doctorate from Northwestern University and became a college professor himself for six years.

Other books by Powers include “The Last Catholic in America” and “The Unoriginal Sinner and the Ice-Cream God.”

Visitation and services are planned for Sunday at The Chapel on the Hill in Lake Geneva.

Powers is survived by his wife, JaNelle Powers, and daughters Jacey Powers and Joy Powers.

(Reporting by David Bailey in Minneapolis; Editing by Lisa Shumaker)

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Well: A Great Grain Adventure

This week, the Recipes for Health columnist Martha Rose Shulman asks readers to go beyond wild rice and get adventurous with their grains. She offers new recipes with some unusual grains you may not have ever cooked or eaten. Her recipes this week include:

Millet: Millet can be used in bird seed and animal feed, but the grain is enjoying a renaissance in the United States right now as a great source of gluten-free nutrition. It can be used in savory or sweet foods and, depending on how it’s cooked, can be crunchy or creamy. To avoid mushy millet, Ms. Shulman advises cooking no more than 2/3 cup at a time. Toast the seeds in a little oil first and take care not to stir the millet once you have added the water so you will get a fluffy result.

Triticale: This hearty, toothsome grain is a hybrid made from wheat and rye. It is a good source of phosphorus and a very good source of magnesium. It has a chewy texture and earthy flavor, similar to wheatberries.

Farro: Farro has a nutty flavor and a chewy texture, and holds up well in cooking because it doesn’t get mushy. When using farro in a salad, cook it until you see that the grains have begun to splay so they won’t be too chewy and can absorb the dressing properly.

Buckwheat: Buckwheat isn’t related to wheat and is actually a great gluten-free alternative. Ms. Shulman uses buckwheat soba noodles to add a nutty flavor and wholesomeness to her Skillet Soba Salad.

Here are five new ways to cook with grains.

Skillet Brown Rice, Barley or Triticale Salad With Mushrooms and Endive: Triticale is a hybrid grain made from wheat and rye, but any hearty grain would work in this salad.

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Skillet Beet and Farro Salad: This hearty winter salad can be a meal or a side dish, and warming it in the skillet makes it particularly comforting.

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Warm Millet, Carrot and Kale Salad With Curry-Scented Dressing: Millet can be tricky to cook, but if you are careful, you will be rewarded with a fluffy and delicious salad.

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Skillet Wild Rice, Walnut and Broccoli Salad: Broccoli flowers catch the nutty, lemony dressing in this winter salad.

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Skillet Soba, Baked Tofu and Green Bean Salad With Spicy Dressing: The nutty flavor of buckwheat soba noodles makes for a delicious salad.

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DealBook: Despite Improving Profits, Morgan Stanley's Path Is Uncertain

8:40 p.m. | Updated

Morgan Stanley has taken aggressive action to bolster profit. Over the last year, the Wall Street bank has cut thousands of employees, sold costly assets and retooled major businesses.

Those efforts worked. In the fourth quarter, Morgan Stanley reported earnings of $481 million, in contrast to a loss of $275 million in 2011. Profit was equally strong for the year.

But the path to future growth is less clear. While the financial firm can find other ways to cut costs, its core operations face significant challenges, from both internal and external forces. Reflecting those issues, revenue was flat last year, excluding charges related to its debt.

“They are doing everything they can to boost returns,” said Glenn Schorr, an analyst at the Japanese bank Nomura. “But given the environment and the state of their franchise, they can only do so much.”

Investors are assessing the progress versus the prospects.

After Morgan Stanley beat analysts’ expectations, the bank’s shares increased nearly 8 percent, to close at $22.38 on Friday. Morgan Stanley’s stock is up nearly 50 percent since early 2012.

“The company has been steadily chipping away at areas of investor concern, and has shown evidence of that progress,” Roger Freeman, a Barclays analyst, wrote in a note to investors.

Still, investors don’t value the investment bank as highly as some of its peers.

Morgan Stanley is trading at approximately 70 percent of its book value, a crucial financial measure that refers to the liquidation value of a company’s assets if it were forced to sell everything. Goldman, in contrast, is trading at book value.

More than four years after the financial crisis, Morgan Stanley has emerged as a much stronger, albeit smaller, bank.

After getting badly bruised during the crisis, Morgan Stanley, under the leadership of James P. Gorman, the chief executive, has moved to remake itself. He has diversified operations, emphasizing less risky businesses like wealth management.

That group was a particular bright spot. In the latest quarter, wealth management, with its 16,780 financial advisers, posted decent revenue growth. Pretax profit margin rose to 17 percent, up from 7 percent a year ago. That trumped the firm’s internal goals of 15 percent.

Investment banking, too, showed signs of strength. The group posted revenue of $1.23 billion in the fourth quarter, up 26 percent from the previous year.

The bank has also cut expenses significantly to help drive profitability. In 2012, Morgan Stanley reduced its head count by 7 percent, to 57,061 employees. It laid off 1,600 people this month.

The firm has also been bringing its pay levels down modestly. The firm’s compensation ratio, excluding certain charges, came in at roughly 51 percent, down from 57 percent a year ago.

Such efforts will most likely continue. On Friday, the bank said it might cut expenses by as much as $1.6 billion over the next two years.

Mr. Gorman called this quarter “pivotal,” on Friday. “I am confident we are on the path to increasing shareholder value that will be evident regardless of the macro environment,” he said in a statement.

Even so, the latest results underscored the growing gap between the bank and its rivals.

Revenue was flat for the quarter at Morgan Stanley, while it increased by 19 percent at Goldman Sachs during the same period. Excluding charges related to its debt, Morgan Stanley’s return on equity, a measure of profitability, was 5 percent. That compares with 10.7 percent at Goldman. To simply cover its debt expenses and other capital costs, Morgan Stanley needs to achieve a return on equity closer to 10 percent.

The firm’s problem child is the fixed income department.

Fourth-quarter revenue from fixed income sales and trading, headed by Ken deRegt, was $811 million, excluding the charges related to the firm’s debt. This was well below analysts’ forecasts. The bank was hurt by poor results in commodities trading, Mr. Gorman said in an interview on CNBC. He said it was a “terrible quarter,” citing factors like Hurricane Sandy, adding that it was one of the worst for the commodities business since 1995.

Despite its successes, Morgan Stanley faces a tough road.

The bank, which has had its credit rating cut deeper than its rivals, is also adjusting to a new regulatory environment. It now has to put up more capital against its operations, forcing the bank to leave certain businesses, reducing profitability.

Morgan Stanley is also trying to build market share in less-capital-intensive businesses like interest rates trading. But it is a highly competitive area, with lower margins.

“They have made some clear progress, but still have their work cut out for them in fixed income,” said Mr. Schorr of Nomura.

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