Morgan Stanley posted second quarter earnings and revenue that missed analysts’ expectations, amidst weakening of investment banking revenues.
The financial behemoth’s diluted earnings came in at $1.39 per shar, well below the $1.53 expected by analysts.
Revenue fell -11% from the year-ago quarter to $13.13 billion was also lower than analysts’ expectations of $13.48 billion (per Bloomberg analysts outlook).
The bank’s revenue from its Investment banking business plunged -55% to $1.07 billion on lower levels of completed M&A transactions. Wealth management revenue fell -6% to $5.7 billion.
Equity trading revenue, however, rose +5% to $2.96 billion, and fixed income trading revenue surged +49%year-over-year to $2.5 billion.