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Morgan Stanley quarterly profit falls 9 percent

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By Reuters
Morgan Stanley quarterly profit falls 9 percent
FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson   -   Copyright  LUCAS JACKSON(Reuters)

(Reuters) – Morgan Stanley reported a 9 percent drop in quarterly profit on Wednesday as equities and bond trading fell due to low market volatility.

The bank said earnings attributable to common shareholders fell to $2.34 billion (£1.80 billion), or $1.39 per share, in the first quarter ended March 31, from $2.58 billion, or $1.45 per share, a year ago.

On an adjusted basis, the company earned $1.33 per share.

Analysts were looking for a profit of $1.17 per share, according to IBES data from Refinitiv, although it was not clear if the numbers were comparable.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty)