Morgan Stanley profit declines 30% as M&A deals stall, warns of rising recession risks
Morgan Stanley (NYSE: MS) on Thursday reported a worse-than-expected second-quarter profit, falling short of analysts’ estimates for the first time in nine quarters, as its investment banking business suffered from a downturn in global dealmaking
By Arghyadeep Dutta
Published - Jul 14, 2022, 02:48 PM ET
Last Updated - Mar 11, 2024, 10:59 AM EDT
• Results were hurt by steep 55% slump in investment banking revenue
• CEO Gorman warned US might head into recession, but unlikely to be like 2008 financial crisis
Morgan Stanley (NYSE: MS) on Thursday reported a worse-than-expected second-quarter profit, falling short of analysts’ estimates for the first time in nine quarters, as its investment banking business suffered from a downturn in global dealmaking.
The banking sector is hit hard by Russia’s invasion of Ukraine, a surge in oil price above $100 a barrel, Federal Reserve rate hikes, and fears of a recession.
