Morgan Stanley Shares Fall as Trading Revenue Declines
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Morgan Stanley fell to a three-month low in New York after the firm reported the biggest drop in trading revenue among the largest U.S. banks.
Shares of the company slumped 5.4 percent to $20.31, the biggest decline on the 81-company Standard & Poor’s 500 Financials Index. Bond-trading revenue fell 42 percent in the first quarter and stock-trading revenue declined 19 percent, New York-based Morgan Stanley said today in a statement.