Morgan Stanley’s first-quarter profit falls on trading slowdown
reported a smaller-than-expected 11 per cent drop in first-quarter profit on Thursday as a near doubling in advisory fees from M&As helped cushion the blow from a slump in capital market activity.
Trading revenue, too, fared better than what some analysts had feared, falling just 6 per cent in the quarter to $3.98-billion from the highs of last year. According to Refinitiv data, equity underwriting deal volumes fell 80 per cent in the first quarter for Morgan Stanley and Goldman Sachs, the two most dominant financial advisers on initial public offerings globally.
Morgan Stanley’s dealmakers brought in $944-million in advisory revenues in the quarter, compared with $480-million a year ago.
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