Morgan Stanley, which reported the first loss in its history three months ago, said earnings fell 42 percent, less than analysts estimated, as investment banking fees dwindled and loan values declined.
First-quarter net income dropped to $1.55 billion, or $1.45 a share, from $2.67 billion, or $2.51, a year earlier, the second-biggest U.S. securities firm said today in a statement. The average estimate for the three-month period ended Feb. 29 was $1.01 a share.
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