Morgan Stanley profit plunges 42 percent as trading revenue slumps

October 19, 2015 11:02 AM

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Morgan Stanley profit plunges 42 percent as trading revenue slumps

(Reuters) – Wall Street bank Morgan Stanley’s profit slumped for the second straight quarter as investors fled the bond, currency and commodity markets amid uncertainty about the timing of a U.S. interest rate hike and concerns about China’s cooling economy.

Morgan Stanley, the last of the big U.S. banks to release third-quarter earnings, said earnings applicable to common shareholders fell 42.4 percent, to $939 million (606 million pounds), or 48 cents per share, from $1.63 billion, or 83 cents per share, a year earlier.

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