First-quarter slump for Morgan Stanley

New York: Morgan Stanley’s first-quarter profit dropped nearly 50%, hurt by a decline in fixed income trading revenue.

The investment bank and brokerage posted net income for shareholders of $736 million (€514m), 50 cents a share, down from $1.41 billion, 99 cents a share, a year earlier.

Fixed income trading revenue fell across Wall Street after an unusually strong first quarter in 2010.