Morgan Stanley sees Q3 profit slide on investment bank slowdown
Morgan Stanley saw its third-quarter earnings slide amid sluggish results from the firm's investment bank.
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Morgan Stanley saw its third-quarter earnings slide amid sluggish results from the firm's investment bank.
Sluggish results from the Wall Street firm’s investment bank and a miss in wealth management triggered a sell-off.
Morgan Stanley's third-quarter profit showed a hit from lethargic dealmaking, while shares more than 8% as some analysts pointed to a fall in net new assets in its wealth division and disappointment over the lack of news on succession.
Morgan Stanley announced a drop in net interest income on its Q3 earnings, one of the last before James Gorman is expected to step down as CEO.
The bank's results are expected to reflect the generally tepid environment for investment banking.