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Morgan Stanley Profit Falls 29%

Morgan Stanley said Thursday its second-quarter profit fell 29% from a year ago, reflecting a drop in corporate deal making.

The New York bank posted a profit of $2.5 billion, or $1.39 a share. Analysts polled by FactSet had expected $1.56 a share. Revenue fell 11% to $13.1 billion in the quarter, which also missed expectations of $13.39 billion.

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