Investing.com - Wall Street bank Morgan Stanley (N:MS)'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 on Monday its trading revenue fell 17.2% to $2.03 billion in the period, contributing to a 42.4% drop in profit attributable to shareholders.
The bank's shares were down 5.8% in premarket trade.
The results capped a generally downbeat quarter for the six big U.S. banks. Among them, only Wells Fargo (N:WFC) managed an increase in revenue, while Citigroup (N:C) turned in the biggest rise in net profit - 51% - largely due to cost cuts.