Investing.com - Morgan Stanley (NYSE:MS)'s quarterly profit fell by more than half, hit by market volatility early in the year.
But earnings still handily beat expectations as the bank slashed employee compensation.
First quarter earnings fell 54.4% to $1.06 billion, or 55 cents per share from $2.31 billion a year earlier.
Analysts on average had expected earnings of 46 cents per share.
Net revenue fell 21.3% to $7.79 billion, missing the average estimate of $7.87 billion.