Morgan Stanley's first-quarter profit dropped nearly 50 percent, hurt by a decline in fixed income trading revenue.
The investment bank and brokerage posted net income for shareholders of $736 million, or 50 cents a share, down from $1.41 billion, or 99 cents a share, a year earlier.
Fixed income trading revenue fell across Wall Street after an unusually strong first quarter in 2010. But some banks have experienced more weakness than others. Morgan Stanley's revenue for its fixed income and commodities sales and trading unit fell by about a third.
At JPMorgan Chase & Co, revenue for fixed income, currencies, and commodities trading fell just 4 percent in the first quarter.
Morgan Stanley's overall revenue fell 16 percent to $7.64 billion.
Morgan Stanley shares were up 3.3 percent to $26.89 in premarket trade.
(Reporting by Dan Wilchins and Lauren Tara LaCapra; editing by John Wallace)
Copyright 2011 Thomson Reuters. Click for Restrictions.
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