FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company’s world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton
(Reuters) – Morgan Stanley reported a 9 percent drop in quarterly profit on Wednesday as equities and bond trading fell due to low market volatility.
The bank said earnings attributable to common shareholders fell to $2.34 billion, or $1.39 per share, in the first quarter ended March 31, from $2.58 billion, or $1.45 per share, a year ago. mgstn.ly/2vaVd4I
On an adjusted basis, the company earned $1.33 per share.
Analysts were looking for a profit of $1.17 per share, according to IBES data from Refinitiv, although it was not clear if the numbers were comparable.
Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty