Morgan Stanley profit falls on trading slowdown

Morgan Stanley reported a drop in first-quarter profit on Thursday as trading revenue fell from last year's highs.

The bank's profit fell to $3.54 billion, or $2.02 per share, in the quarter ended March 31, from $3.98 billion, or $2.19 per share, a year earlier.

Analysts on average were expecting the bank to report a profit of $1.68 per share, according to Refinitiv data. It was not immediately clear if the reported numbers were comparable to estimates.