Morgan Stanley earnings slump 54%

Morgan Stanley reported first-quarter net income available to common shareholders of $1.06 billion, down roughly 54 percent from $2.31 billion a year earlier.

"The first quarter was characterized by challenging market conditions and muted client activity," CEO James Gorman said in a statement. "While we see some signs of market recovery, global uncertainties continue to weigh on investor activity."

During the quarter, the company's stock fell about 21 percent - the sharpest decline of any big U.S. bank.

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