Volatile Market Hits Morgan Stanley’s Trading, Wealth Management

Volatile Market Hits Morgan Stanley’s Trading, Wealth Management
Morgan Stanley headquarters is seen in Times Square September 18, 2008 in New York City. Mario Tama/Getty Images
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Morgan Stanley’s quarterly profit fell short of expectations as bond trading revenue slumped more than rivals and its wealth management business faltered, sending its shares down more than 5 percent.

The bank has pledged that its expansion into wealth management over the past decade would help deliver more stable results. But the unit, which accounts for roughly half of Morgan Stanley’s revenue, was not immune from year-end market volatility that drove customers to the sidelines.