Morgan Stanley Profit Slumps 30 Percent as Dealmaking Stalls

Morgan Stanley Profit Slumps 30 Percent as Dealmaking Stalls
The logo for Morgan Stanley on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York, on Aug. 3, 2021. Andrew Kelly/Reuters
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Morgan Stanley’s profit slumped 30 percent on Thursday, falling short of analysts’ estimates for the first time in nine quarters, as its investment banking business struggled to cope with a slump in global dealmaking.

Revenue from investment banking plunged 55 percent in the second quarter, mirroring a similar drop at its larger Wall Street rival JPMorgan Chase & Co and eclipsing an 8 percent rise in trading revenue.