Morgan Stanley reported Thursday that its revenue was down sharply for April through June and its profit missed Wall Street expectations. Its stock was clobbered — down more than 5 percent.
For Morgan Stanley, the main problem was the stock market debut of Facebook in May.
Leading the public offering was supposed to be a coup for the bank, but instead it brought angry clients, regulatory investigations and lawsuits.
“It was a tough quarter, and a disappointing quarter,” Morgan Stanley CEO James Gorman said.