Morgan Stanley reported earnings of $US0.34 a share. For the investment bank, it represents a miss on forecasted results.
“The volatility in global markets in the third quarter led to a difficult environment, impacting in particular our Fixed Income business and our Asia Merchant Banking business,” CEO James Gorman said in a statement.
The investment bank was expected to report $US0.64 earnings a share, according to analysts surveyed by Bloomberg.
The analysts expected revenues of $US8.55 billion, according to Bloomberg. The bank reported a bottom line miss as well: $US7.8 billion for the third quarter.
Morgan Stanley reported a miss on expectations for fixed income, commodities and currencies business with $US583 million, missing estimates analysts Bloomberg polled who predicted revenue of $US911 million.
Additionally, equity sales and trading revenue was $US1.8 billion, also falling short of analysts’ expectations.
Morgan Stanley shares are down about 12% so far in 2015. The stock is down another 5% heading into the open.
Goldman Sachs in contrast missed expectations by some margin, while JPMorgan also missed.