Morgan Stanley reports lower profit, but wealth management gains
18 July 2019 - 19:26
New York — Morgan Stanley reported a drop in quarterly profit on Thursday, hit by lower market activity amid global trade tensions and expectations for US interest rate cuts.
It was the last big US bank to report earnings in a quarter that exposed weaknesses in Wall Street’s investment bank and trading businesses. But Morgan Stanley executives downplayed the toll rate cuts could have on profitability and highlighted growth in the bank’s wealth management unit...
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