Morgan Stanley Earnings Fall for Third Consecutive Quarter
A deal-making drought dinged Morgan Stanley’s third-quarter results, sending profit down 29%. The bank said Friday it posted a profit of $2.63 billion, or $1.47 a share. Analysts had expected $1.52 a share, according to estimates compiled by FactSet. Revenue fell 12% to about $13 billion in the quarter, which also missed expectations of $13.3 billion. It was Morgan Stanley’s third consecutive year-over-year profit decline. Investment banking revenue, including fees from mergers and acquisitions, declined 55%.