Morgan Stanley during the first fiscal quarter produced its second highest fixed income sales and trading revenues ever but also took mortgage proprietary trading net writedowns of about $1.2 billion. The company saw net earnings fall by almost 42% to approximately $1.55 billion from about $2.67 billion during a comparable quarter the year before. The company also noted in its earnings report for the quarter that it had $6.1 billion in non-interest expenses that included severance payments during the period. In addition, Morgan Stanley noted that it saw a lower percentage drop in net income year-to-year when its earnings were compared on an "income from continuing operations" basis.
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