The US investment bank has seen retail sales in its domestic market dropping in the second quarter after reaching a two-year peak in Q1 2023.
Morgan Stanley has reported net revenues of US$13.5 billion for the second quarter of 2023 compared to US$13.1 billion a year ago, according to the bank’s latest earnings report. Net income fell to US$2.2 billion from US$2.5 billion year-on-year (YoY), which was impacted by severance costs of US$308m associated with an employee action. The quarter started with ‘macroeconomic uncertainties and subdued client activity’, despite wealth and investment management adding US$100 bil
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