Brokerages: New York-based Morgan Stanley Group Inc....
From Times Staff and Wire Reports
Brokerages: New York-based Morgan Stanley Group Inc. and Salomon Inc. reported sharply lower second-quarter profits from a year earlier, reflecting continuing weakness in the investment banking business. Morgan Stanley said its net income fell 48% to $58 million. Net revenue declined 20% to $504.2 million. The firm also attributed its earnings drop to a decline in trading profit because of decreased volatility in the foreign exchange markets. Salomon Inc. said its second-quarter net income fell 53% to $120 million. Revenue dropped 10% to $2.1 billion. Salomon said a key factor in its weaker earnings was the poor performance of its Philipp Bros. commodities unit.
