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Morgan Stanley reports fall in quarterly profit
[BENGALURU] Wall Street investment bank Morgan Stanley reported a fall in adjusted second-quarter profit on Wednesday as cost-cutting failed to make up for a decline in revenue from trading and investment banking.
The bank said its net income attributable to common shareholders was US$1.43 billion, or 75 US cents per share, in the quarter ended June 30.
Morgan Stanley reported an adjusted profit of US$1.69 billion, or 79 US cents per share, a year earlier.
Analysts on average had expected earnings of 59 US cents per share in the latest quarter, according to Thomson Reuters I/B/E/S. It was not immediately clear if the estimate was exactly comparable.
The earnings for the latest quarter take into account a rule change that no longer requires Morgan Stanley to reflect changes in the value of its own debt in its earnings.