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Morgan Stanley's Brokers, Traders Counter Dealmaking Decline

  • Bond trading posts smaller slump than rival Goldman Sachs
  • Drop in investment-banking fees is steepest on Wall Street
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Bloomberg’s Alison Williams examines first-quarter results from Morgan Stanley. Daybreak: Americas." (Source: Bloomberg)
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Morgan Stanley’s bond traders weathered tough markets with a smaller decline than analysts expected, while the bank also eked out a surprise jump in wealth-management fees.

Bond-trading revenue fell 9 percent, a smaller drop than at rival Goldman Sachs Group Inc. and less than the 15 percent slump analysts had estimated. Revenue rose at the firm’s wealth and asset management units, helping it counter the biggest slump in investment-banking fees on Wall Street.