Morgan Stanley income, revenues fall in Q2

NEW YORK (AA) – Net income and revenues at Morgan Stanley declined in the second quarter, the bank announced Wednesday.

The multinational investment firm's revenues fell 8.2 percent to $8.9 billion from $9.7 billion during the same quarter a year ago.

Net income was also down, falling to $1.6 billion from $1.8 billion the previous year, marking an 11.1 percent decline.

James P. Gorman, Chairman and CEO pointed to market uncertainty. “Our results this quarter reflect solid performance in an improved but still fragile environment."

Despite the results, Morgan Stanley's share value rose almost 3 percent to $29.03, after a previous close of $28.19.