MORGAN STANLEY PROFIT DOWN WITH LOWER INVESTMENT BANKING REVENUE

Morgan Stanley's (MS.N) third-quarter profit showed a hit from lethargic dealmaking, while shares sank 7.4% as some analysts pointed to a fall in net new assets in its wealth division and disappointment over the lack of news on succession.

The bank saw a sharp drop in investment banking revenues and sluggish trading as dealflow took a hit when geopolitical risk rose following the war in Ukraine and the Federal Reserve aggressively raised interest rates.

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