NEW YORK (Reuters) – Morgan Stanley's first-quarter profit dropped nearly 50 percent, hurt by a steep decline in bond trading revenue.
The bond trading business has long been a trouble spot for the bank. The operation generated big losses during the financial crisis and then lagged rivals during a recovery in 2009.
Chief Executive James Gorman is pushing the division to gain market share and improve its performance.
Morgan Stanley posted quarterly net income for shareholders of $736 million, or 50 cents a share, down from $1.41 billion, or 99 cents a share, in the same quarter last year.
via news.yahoo.com
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