Morgan Stanley (MS) shares tumbled over 7% in early trading on Wednesday after reporting profit declined as sales at the investment bank’s wealth management and 澳洲幸运5官方开奖结果体彩网:investment banking divisions fell short of estimates.

Morgan Stanley reported third quarter fiscal 2023 earnings dropped 8.5% from a year ago to $2.41 billion, or $1.38 per share. Revenue was up 2.2% to $13.27 billion.

Revenue at the wealth management unit was $6.4 billion, missing forecasts by some $200 million because of higher compensation costs. Investment banking sector sales slumped 26.5% to $938 million, also well below expectations. The company pointed to weakness in mergers and 澳洲幸运5官方开奖结果体彩网:initial public offerings (IPOs) for the decline.

Trading was a bright spot for Morgan Stanley, with equity trading revenue of $2.51 billion, and bond trading sales of $1.95 billion, both more th🌺an anticipated.

CEO James Gorman said th꧂e bank delivered solid results, even while “the market environment remained mixed this quarter.”

Shares of Morgan Stanley slumped to their lowest level in more than a year following the news.