Morgan Stanley profit plunges as dealmaking hit by pandemic

(Reuters) - Morgan Stanley posted a 32% fall in quarterly profit on Thursday as its advisory and wealth management businesses took a hit from the economic fallout of the COVID-19 pandemic.The results capped first-quarter earnings from big U.S. banks, marked by significant declines in profit and billions in provisions to cover for a wave of expected loan defaults due to a global economic slowdown triggered by the pandemic.Morgan Stanley's wealth management unit, which contributes roughly half of..