Morgan Stanley (NYSE: MS) reported its financial results for the quarter ended March 31, 2020 today.
Morgan Stanley posted a 30% drop in earnings due to lower top-line growth. Over the past two months, the company has witnessed more market volatility, uncertainty and anxiety as a result of the devastating COVID-19 than at any time since the financial crisis.
The company has voluntarily ceased its share repurchase program in the first quarter to better support clients with lending and other services during the global pandemic. The Institutional Securities segment experienced the impact of the deterioration of credit in the global markets while market headwinds impacted Wealth Management. The decline in global asset prices hurt the Investment Management segment.
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