Morgan Stanley profit drops 18% as deal doldrums persist

Morgan Stanley's profit slipped 18 per cent in the second quarter as Wall Street's deal-making drought stunted revenue from investment banking.

Profit applicable to common shareholders fell to $2.05 billion, or $1.24 per diluted share, for the three months ended June 30, the bank said on Tuesday.

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That is down from $2.39 billion, or $1.39 per diluted share, a year earlier.