Morgan Stanley Misses Estimates as Trading Revenue Plunges
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Morgan Stanley reported a 50 percent drop in earnings and said it will cut more jobs as revenue from trading stocks and bonds declined the most among Wall Street banks.
Second-quarter net income was $591 million, or 29 cents a share, compared with $1.19 billion, or a loss of 38 cents, a year earlier, the New York-based company said today in a statement. Excluding accounting adjustments, profit was 16 cents a share, below the 29-cent average estimate of 20 analysts surveyed by Bloomberg.