Morgan Stanley net income for the first quarter fell by half after simultaneous declines in stocks, bonds and commodities.
Net profit for the period amounted to $ 1.1 billion, down 54% compared to the previous year, revenues were 21% lower or $ 7.8 billion, according to Ben McLannahan in New York.
However, earnings per share was $ 0.55, compared with a forecast of $ 0.46.
James Gorman, president and CEO of the bank, with a humble tone in his speech said that the period was marked by “challenging market conditions and muted client activity.”
“While we see some signs of market recovery, global uncertainties continue to weigh on investor activity,” he said. “We remain focused on executing against our priorities, helping clients navigate difficult markets while controlling our expenses and managing risk prudently.”
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