Morgan Stanley said first-quarter profit dropped nearly 50%, hurt by a decline in fixed income trading revenue.
The investment bank and brokerage posted net profit for shareholders of $736m, or 50 cents a share, down from $1.4 billion, or 99 cents a share, in the same quarter last year.
Fixed income trading revenue - mainly in bonds - fell across Wall Street after an unusually strong first quarter in 2010. But some banks have experienced more weakness than others.
Morgan Stanley's revenue for its fixed income and commodities sales and trading unit fell by about a third.
At JPMorgan Chase & Co, revenue for fixed income, currencies, and commodities trading fell just 4% in the first quarter.
Morgan Stanley's said its overall revenue fell 16% to $7.64 billion.
