Photo: Morgan Stanley
Citigroup is the only U.S. financial that is not getting sold-off this morning.The rest of them, Morgan Stanley in particular, are getting crushed.
Morgan Stanley was down over 3.5% this morning. It 52-week lows of $14.60. It’s trading at $14.69 now.
Here are a few things that might be playing into this. Morgan Stanley warned analysts earlier this month that its trading revenue may suffer. JPMorgan did as well, and right now JPM is down 1.43% currently.
Another factor to consider: Morgan Stanley owns the world’s biggest brokerage, and trading volumes have been down significantly. Yesterday Jefferies posted very poor fixed income trading revenues for the third quarter, which has some predicting that revenues will be similarly bad at bigger banks.
And there’s some question about the leadership at Morgan Stanley, after Chairman John Mack announced his retirement (although that was expected) and yesterday attention was drawn to two of its top execs “feuding” over trading vs investment banking.
Also, the Fed meeting is coming up.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.