LONDON (ShareCast) - (Sharecast News) - Morgan Stanley reported weaker third quarter profits due to th drag from its investment banking and fixed income units.
Commenting on the firm's results, its chief executive officer, James Gorman, described the market environment during those three months as "mixed", but said Morgan Stanley was positioned to continue delivering "strong" shareholder returns going forward.

Gorman also highlighted Morgan Stanley's return on tangible common equity for the period of 13.5%.

Total revenues edged up by 2.2% to reach $13.27bn (FactSet: $13.22bn).

Net revenues from equities trading, Wealth Management and Investment Management all registered growth.

But investment banking net revenues dropped by 26.5% to $938m and those from Fixed Income by 10.7% to $1.95bn.

Net income fell by 8.5% in comparison to a year earlier to approximately $2.41bn or $1.38 per diluted share (FactSet: $1.31).

That compared to an EPS of $1.47 one year before.

As of 1440 BST, shares of Morgan Stanley were down by 5.22% to $76.18.

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