Morgan Stanley’s profit slumped 30 percent on Thursday, falling short of analysts’ estimates for the first time in nine quarters, as its investment banking business struggled to cope with a slump in global dealmaking.
Revenue from investment banking plunged 55 percent in the second quarter, mirroring a similar drop at its larger Wall Street rival JPMorgan Chase & Co and eclipsing an 8 percent rise in trading revenue.
The U.S. Federal Reserve’s aggressive actions to contain runaway inflation has rattled global financial markets, forcing corporates to curb their appetite for deals, while also slowing their efforts to raise cash through stock and debt offerings….
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