Morgan Stanley profit falls
NEW YORK (AP) -- Morgan Stanley on Wednesday reported second-quarter profit plunged 61 percent as the credit crisis continued to take its toll on trading and investment banking.
Shares fell more than 5 percent in premarket trading on the news, even though results came in slightly ahead of Wall Street expectations.
The second-largest U.S. investment bank reported profit fell to $1.01 billion, or 95 cents per share, from $2.57 billion, or $2.45 per share, a year earlier. Revenue dropped to $6.51 billion from $10.52 billion last year.
Shares fell more than 5 percent in premarket trading on the news, even though results came in slightly ahead of Wall Street expectations.
The second-largest U.S. investment bank reported profit fell to $1.01 billion, or 95 cents per share, from $2.57 billion, or $2.45 per share, a year earlier. Revenue dropped to $6.51 billion from $10.52 billion last year.
