Morgan Stanley's second-quarter profit dropped 50% as the investment bank saw a double-digit decline in revenue with a weak performance from its institutional securities business.

Morgan Stanley's institutional-securities business, which includes investment banking and sales and trading results, posted a 37% decline in revenue to $3.23bn from a year ago.

Morgan Stanley profit down on double-digit revenue decline

The bank's profit dropped 50% as the investment bank saw a double-digit decline in revenue with a weak performance from its institutional securities business

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