Morgan Stanley’s second-quarter profit fell 13% to $2.18 billion.
The bank’s fixed income division reported revenue of $1.72 billion, below analysts’ expectations of $2 billion.
Equity trading revenue fell 14% to $2.55 billion as a result of lower cash liquidity and derivatives prices due to market fluctuations.
The bank’s asset management division achieved revenues of $6.6 billion, up 16% from the previous year.
The bank developed a long-term plan to double its earnings to over $12 billion before depreciation and impairment through a combination of assets, lending and market expansion.
