Morgan Stanley quarterly profit falls 10%

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Morgan Stanley quarterly profit falls 10%

FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo

(Reuters) – Morgan Stanley (MS.N) reported a 10% fall in quarterly profit on Thursday as low market volatility crimped trading and advisory revenue.

The bank said earnings attributable to Morgan Stanley fell to $2.20 billion, or $1.23 per share, in the second quarter ended June 30, from $2.44 billion, or $1.30 per share, a year ago.

Analysts were looking for a profit of $1.14 per share, according to IBES data from Refinitiv, although it was not clear if the numbers were comparable.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty