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Morgan Stanley's earnings are hit by bond trading slump

Morgan Stanley's results drop 42 percent, missing forecasts, as bond trading weakens

Morgan Stanley's earnings are hit by bond trading slump

NEW YORK (AP) -- Morgan Stanley's earnings dropped 42 percent in the third quarter, more than analysts forecast, as the bank's bond trading business weakened.

The New York-based investment bank and wealth advisory firm earned $940 million excluding payments to preferred shareholders for the three-month period ending in September, compared with $1.63 billion a year earlier.

The bank earned 48 cents per share, compared with 84 cents a year earlier. Analysts were looking for Morgan Stanley to earn 67 cents per share, according to FactSet.

Morgan Stanley's revenue was $7.8 billion, excluding an accounting adjustment, compared with $8.9 billion the year before.

Morgan Stanley shares sank $1.85, or 5 percent, to $32.10 in pre-market trading.


Updated : 2021-09-26 11:51 GMT+08:00