LONDON (ShareCast) - (Sharecast News) - Banking giant Morgan Stanley delivered quarterly earnings that fell short of expectations due to tumbling investment banking revenues.

Morgan Stanley reported quarterly revenues of $1.47 per share on revenues of $12.99bn, missing estimates of $1.49 per share and $13.3bn, respectively.

The New York-based group stated that its weaker-than-expected performance was the result of a 55% drop-off in investment banking revenues throughout the period - with advisory, equity underwriting, and fixed income underwriting revenues all dropping.

Chief executive James Gorman said" "Firm performance was resilient and balanced in an uncertain and difficult environment.

"While investment banking and investment management were impacted by the market environment, fixed income and equity navigated challenging markets well."

As of 1320 BST, Morgan Stanley shares were down 2.32% in pre-market trading at $77.48 each.





Reporting by Iain Gilbert at Sharecast.com

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE