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Morgan Stanley's first-quarter profit fell 45% as revenue slid and its 40% interest in a joint venture with Mitsubishi UFJ Financial Group Inc. weighed on results.
The firm was expected to see bond-trading revenue weaken from a year-earlier period marked by strength in that business. But its investment-banking and wealth-management operations were expected to offset soft trading results. 

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Morgan Stanley's first-quarter profit dropped nearly 50 percent, hurt by a decline in fixed income trading revenue.
The investment bank and brokerage posted net income for shareholders of $736 million, or 50 cents a share, down from $1.41 billion, or 99 cents a share, a year earlier.
Fixed income trading revenue fell across Wall Street after an unusually strong first quarter in 2010. But some banks have experienced more weakness than others. Morgan Stanley's revenue for its fixed income and commodities sales and trading unit fell by about a third.

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U.S. stock-index futures maintained gains as earnings at Apple Inc., General Electric Co. and MorganStanley overshadowed higher-than-forecast jobless claims.
Futures on the Standard & Poor’s 500 Index expiring in June increased 0.4 percent to 1,333.7 at 8:33 a.m. in New York. Dow Jones Industrial Average futures climbed 36 points, or 0.3 percent, to 12,432.
Jobless claims decreased by 13,000 to 403,000 in the week ended April 16, Labor Department figures showed today in Washington. Economists projected a decline to 390,000, according to the median estimate in a Bloomberg News survey. The number of people on unemployment benefit rolls and those receiving an..


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NEW YORK—Morgan Stanley's compensation per employee fell 4% from last year's first quarter, to $68,806, as the number of employees rose 1.9%, according to its quarterly earnings report filed Thursday.
World-wide employee headcount rose to 62,494. Morgan Stanley set aside $4.3 billion in the quarter for compensation and benefits, down 2% from last year's first quarter. The ratio of compensation to revenues rose to 57% from 49% in last year's first quarter. One reason for the rise was a reduction in revenue due to a loss at the company's joint venture in Japan, though the ratio would have risen to 52% without the loss.

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Morgan Stanley’s income falls on weak trading (AP)

AP - Morgan Stanley's income fell 48 percent in the first quarter on a sharp drop in revenue from sales and trading of fixed-income securities and commodities.

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