Morgan Stanley Shares Decline After Earnings Tumble 50%
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Morgan Stanley fell in New York trading after reporting a 50 percent drop in earnings on the biggest decline in trading revenue among Wall Street firms. The company said it will cut headcount by 4,000 this year.
Morgan Stanley slid 5.3 percent to $13.25, the biggest decline since March 6, after second-quarter net income decreased to $591 million from $1.19 billion a year earlier. The stock’s 12 percent fall this year is the largest among the 10 biggest U.S. banks.