The results came in sharp contrast to a blowout quarter reported by rival Goldman Sachs Group Inc last week. Morgan Stanley shares were down 4.7 per cent in premarket trading.
Morgan Stanley swung to a loss applicable to common shareholders of $1.26 billion, in the second quarter, compared with a profit of $1.1 billion, a year earlier. Net revenue fell 11 per cent to $5.4 billion.
Chief Financial Officer Colm Kelleher, told Reuters the company was not satisfied with its performance in fixed income and asset management.
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