Banking giant Morgan Stanley (NYSE: MS) on Thursday reported lower earnings and revenues for the second quarter of 2022. The company’s stock dropped soon after the announcement.
Net income applicable to shareholders was $2.39 billion or $1.39 per share in the second quarter of 2022, compared to $3.41 billion or $1.85 per share in the same period a year ago. Adjusted earnings dropped to $1.44 per share from $1.89 per share last year.
The bottom line was hurt by an11% decrease in revenues to $13.13 billion. The company delivered ROTCE of 13.8%, or 14.3% excluding the impact of integration-related expenses.
Check this space to read management/analysts’ comments on Morgan Stanley’s Q2 2022 earnings
Shares of Morgan Stanley declined early Thursday following the earnings announcement, after closing the last session lower.