Morgan Stanley on Wednesday said its third-quarter profit fell 10% amid weakness in its investment banking business, but its trading and asset management revenue rose.
Morgan Stanley’s stock fell 4.4% in the third quarter in a choppy period for bank stocks overall. The stock is down just under 10% in the past month, compared with 1.9% drop by the S&P 500 SPX.Asset management revenue increased by 6% to $5.03 billion, while investment banking revenue dropped 24% to $1.05 billion.
During the past month, 11 analysts cut their profit estimates for Morgan Stanley and only one increased their view.
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Morgan Stanley Profit Tops Wall Street Expectations Amid 'Mixed' Market EnvironmentThird-quarter profit at the investment bank slides 8% to $2.4 billion.
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