Profit at Morgan Stanley fell 24 percent in the second quarter, the company announced Wednesday, due to difficult market conditions and higher legal expenses in connection with high-profile lawsuits.
Morgan Stanley reported net income of $298 million (86 cents per diluted share) for the quarter ended May 31, compared with $1.2 billion ($1.10) for the like period a year earlier. Revenue fell to $6 billion from $6.8 billion in the year-ago period.
