Morgan Stanley profits halve in first quarter
Morgan Stanley’s first quarter net income dropped by 54% to $1.1bn in the first three months of 2016.
The US investment bank said challenging market conditions “muted client activity” over the period, during which revenue slid 21% to $7.8bn.
James Gorman, chief executive, said the business delivered “stable results” against the tough backdrop.
However, in a gloomy outlook statement, Gorman said he expacts global uncertainties "continue to weigh on investor activity".
Revenue for the Wall Street giant's institutional securities group, which handles equity research, prime brokerage and capital markets, totalled $3.7bn, compared with $5.5bn a year ago.
Wealth management revenues were $786m, down from $855m in the first quarter of last year.
Rival Goldman Sachs releases its first quarter earnings tomorrow.
Last week Citi revealed that quarterly profits dropped 27% to $3.5bn in the three months to end of March.
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