Morgan Stanley quarterly profits slide as investment banking income sinks

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Morgan Stanley profits fell by almost a third in the fourth quarter, as expenses rose 9 per cent, driven by in part by a variety of one-time charges including a legal settlement related to its trading business.Its investment bank’s net profit margin — how much of its sales it turned into income after expenses — fell to 8 per cent, from 21 per cent in the third..