Morgan Stanley profit knocked by investment banking downturn
Morgan Stanley reported a 30 per cent year-on-year fall in third-quarter net income, marking its longest streak of declines since 2019 as it continues to suffer from a drop-off in investment banking fees.
The Wall Street bank said on Friday its third-quarter net income was $2.6bn, or $1.47 a share, down from $3.7bn, or $1.98 a share, in the same period last year. Analysts had forecast quarterly net income of $2.7bn, or $1.52 a share, according to data compiled by Bloomberg.
The bank’s net revenues for the quarter were $13bn, down 12 per cent from $14.8bn a year earlier, and slightly below analysts’ expectations of $13.2bn.
This story originally appeared on: Financial Times - Author:Owen Walker
