Morgan Stanley Leads Banks Lower After Ugly Earnings Miss
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Morgan Stanley shares fell as much as 6.5 percent Thursday, the most in six weeks, after fourth-quarter profit, net revenue and wealth management performance missed estimates.
The New York-based bank is leading the S&P 500 Financials Index lower. Decliners in the group also include regional bank KeyCorp -- which earlier reported earnings plus an outlook that Morgan Stanley analyst Ken Zerbe deemed “disappointing” -- and Silicon Valley lender SVB Financial Group. Other big banks with share drops include JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc.