- Yuri Gripas/Reuters
Morgan Stanley on Monday reported earnings of $0.34 a share. For the investment bank, it represents a miss on the expected results.
“The volatility in global markets in the third quarter led to a difficult environment, impacting in particular our Fixed Income business and our Asia Merchant Banking business,” CEO James Gorman said in a statement.
The investment bank was expected to report earnings of $0.64 a share, according to analysts surveyed by Bloomberg.
The analysts expected revenues of $8.55 billion, according to Bloomberg, but the bank reported a bottom-line miss as well: $7.8 billion for the third quarter.
Morgan Stanley reported a miss on expectations for fixed income, commodities, and currencies business with $583 million, missing estimates from analysts polled by Bloomberg who predicted revenue of $911 million.
Additionally, equity sales and trading revenue was $1.8 billion, also falling short of analysts’ expectations.
Morgan Stanley shares are down about 12% in 2015. The stock opened up six percent down Monday morning October 19.
Goldman Sachs in contrast missed expectations by some margin, while JPMorgan Chase also missed.