| Morgan Stanley hit by slow trading | Morgan Stanley suffered from a slowdown in trading activity in the first quarter, causing the securities group to report lower revenues, but cost controls helped it record higher profits.
Revenues fell from to $8.5bn in the first three months of the year compared with $8.9bn in the same period last year, with advisory fees and fixed income and equity trading all lower. That excludes the distortion from changes to the value of the company's own debt.
The whole of Wall Street has endured the same phenomenon this year, with lacklustre trading compared with the start of 2012 when relief from the eurozone crisis sparked a flurry of activity in markets.
http://link.ft.com/r/19JYUU/JQL9G8/IYGFQP/8ZOP19/JQORPA/HK/h?a1=2013&a2=4&a3=18
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