Wall Street banks have trounced gloomy analyst predictions for the third time in two days as Morgan Stanley today reported a lower-than-expected 42% drop in net first-quarter profits.
Morgan Stanley, which suffered a first quarterly loss at the end of last year, said in its quarterly results statement today that net profits fell to $1.6bn (â¬984m) from $2.7bn in the first quarter last year, while its earnings per share slipped to $1.45 from $2.51. The results are for the three months to the end of February.
