One of Wall Street’s most powerful investment banks, Morgan Stanley, reported quarterly results this morning. They weren’t that spectacular: losses related to private equity investments in China and weak performance for the company’s core fixed income business combined to drive earnings down by nearly 40 per cent compared to the same period a year ago.
Shares in the company fell by about 5 per cent in US trading.
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Here, via a Bloomberg transcript, is what the company’s Australian-born CEO James Gorman had to say about the wild quarter that just passed, and the outlook for the future.
On the company’s key bond trading business, where revenue sank by 42 per cent.
Read the full story at SMH, by John McDuling