Wall Street bank Morgan Stanley has posted a 27% drop in earnings for the last quarter.
Earnings per share dropped to $1.01, from $1.39 a year ago. It warned that falling asset prices, lower interest rates, wider credit spreads and market volatility has all hurt its performance.
Chairman and Chief Executive Officer Jim Gorman said, “Over the past two months, we have witnessed more market volatility, uncertainty and anxiety as a result of the devastating COVID-19 than at any time since the financial crisis.
“While it’s too early to predict how this will unfold, Morgan Stanley navigated the quarter well given the conditions, and our results bear testament to the strength of our balanced business model.
“Our investments in technology and infrastructure enabled us to continue to serve our clients around the globe with more than 90% of our employees working from home. I am proud of the dedication and professionalism of our employees in the face of these obstacles.”