Morgan Stanley (MS) said Thursday that second-quarter profit tumbled by 9% as the Wall Street firm suffered along with big-bank rivals like JPMorgan Chase (JPM) and Goldman Sachs (GS) amid a lackluster environment for trading everything from bonds and stocks to commodities and currencies.
Net income was $2.25 billion, down from $2.47 billion a year earlier, New York-based Morgan Stanley said Thursday in a press release, pegging earnings per share at $1.23. The results still managed to exceed the $1.14 average estimate of Wall Street analysts in a survey by data provider FactSet.