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Morgan Stanley’s profits fall 9% as investment banking revenue falls
Morgan Stanley’s profits fall 9% as investment banking revenue falls
Morgan Stanley said third-quarter profit fell 9% from a year ago, hit by a sharp decline in transactions.
Investment banking revenue fell 27% to $938 million. Fees for advising companies on mergers and acquisitions have fallen by more than 30%. The same was true for income from subscription bond issues. The bank actually recorded an increase in its share subscriptions.
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