Morgan Stanley profit plunges 32% on COVID-19 impact

(Reuters) – Morgan Stanley posted a 32% fall in quarterly profit on Thursday as its advisory and wealth management businesses took a hit from the economic fallout of the COVID-19 pandemic.

The bank said earnings attributable to common shareholders fell to $1.59 billion, or $1.01 per share, in the first quarter ended March 31, from $2.34 billion, or $1.39 per share, a year ago.

Analysts had expected a profit of $1.14 per share, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable.

(Reporting by Bharath Manjesh in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Saumyadeb Chakrabarty)