Morgan Stanley profit drops nearly 50 percent

Reuters News
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Posted: Apr 21, 2011 7:31 AM

NEW YORK (Reuters) - Morgan Stanley said first-quarter profit dropped nearly 50 percent, hurt by a decline in fixed income trading revenue.

The investment bank and brokerage posted net income for shareholders of $736 million, or 50 cents a share, down from $1.411 billion, or 99 cents a share, in the same quarter last year.

(Reporting by Dan Wilchins and Lauren Tara LaCapra; editing by John Wallace)