Morgan Stanley quarterly profit falls 10%

Morgan Stanley reported a 10% fall in quarterly profit on Thursday as low market volatility crimped trading and advisory revenue.

The bank said earnings attributable to Morgan Stanley fell to $2.20 billion, or $1.23 per share, in the second quarter ended June 30, from $2.44 billion, or $1.30 per share, a year ago.

Analysts were looking for a profit of $1.14 per share, according to IBES data from Refinitiv, although it was not clear if the numbers were comparable.