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Morgan Stanley Quarterly Profit Beats Estimates on Cost Cuts

  • Bank reduces compensation expenses by 19% to $3.68 billion
  • Worst first quarter for fixed income since Gorman took over
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Morgan Stanley Tops Profit Estimates on Trading Revenue

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Morgan Stanley joined the parade of Wall Street banks that beat profit estimates by cutting costs to counter a drop in revenue from fixed-income and equities trading.

First-quarter net income fell 53 percent to $1.13 billion, or 55 cents a share, from $2.39 billion, or $1.18, a year earlier, the New York-based company said Monday in a statement. Profit surpassed the 47-cent average estimate of 22 analysts surveyed by Bloomberg. The decline in trading revenue was smaller than some analysts predicted.