Morgan Stanley has rounded off the Wall Street earnings season with a familiar tale: surging trading revenues in volatile virus-hit markets have not been enough to prevent a steep fall in profits.

The US bank on Thursday reported net profits of $1.7bn for the first three months of 2020, a fall of almost 30% year-on-year. Revenues for the quarter were down around 7% at $9.5bn compared with the same period in 2019.