Morgan Stanley shares slid as much as 3.5% in early Thursday trading after the bank expressed caution about the impact of the unfolding coronavirus pandemic along with
The bank noted that depressed economic activity will hurt future operating results, possibly “without the potential benefit of higher client trading activity experienced in the first quarter.” Morgan Stanley also flagged “notable” credit deterioration within institutional securities, with mark-to-market losses, net of economic hedges of $610 million on loans held for sale and a provision of $388 million for credit losses.
On the conference call, CEO
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