Morgan Stanley’s Worst-on-Street Bond Trading Sends Stock Lower
- Fixed-income revenue tumbles 30% in volatile quarter
- Bank’s jump in stock-trading revenue also trails rivals
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Morgan Stanley’s fixed-income traders succumbed to the same downturn that afflicted the rest of Wall Street in the fourth quarter, posting their worst results in three years and sending the shares tumbling.
Bond-trading revenue sank 30 percent to $564 million, the New York-based company said Thursday in a statement. The drop was the biggest of the five largest U.S. investment banks and well below the $823 million average estimate of analysts.