Morgan Stanley records a drop in revenue in the Q1

Morgan Stanley records a drop in revenue in the Q1

According to a report on financial results released on Wednesday, Morgan Stanley reported a drop in revenue in the first quarter.

The US-based multinational investment bank and financial services holding company, Morgan Stanley, reported net earnings attributable to major shareholders of $2.98 billion in

January-March, down 18.8 percent from $3.67 billion. Dollars in the same period last year reports Anadolu Agency.

According to the data, total revenues decreased by two percent to $14.5 billion from $14.8 billion.

Chairman and CEO James P. Morgan said that the first quarter of operations was in an “unusual environment” due to the banking crisis in the US and added that income from equity and fixed income was strong. However, the activity of investment banking is still limited.

The bank’s share price fell nearly 2.5 percent to $87.64 in morning trading from a previous close of $89.85.

Heineken is finally leaving Russia

The Dutch brewery Heineken has finally decided to stop its operations in Russia. After over a year, it sent the contract for approval to Russian regulators and promised to leave this country.

In March 2022, the multinational beer brand declared its intention to leave Russia. However, a year later, they were confronted with backlash for staying in the country. The local bureaucracy’s desire to safeguard local employees and avert nationalization by the Russian government caused the delay.

Harold van den Broek, Chief Financial Officer, said, as reported by the Financial Times, they requested an application for approval in connection with the transfer of ownership of Heineken’s business in Russia and is now awaiting approval from the authorities of the Russian Federation.

Heineken announced that it expects a loss of 300 million euros from the sale.