Morgan Stanley's net income for the fiscal quarter ended May 31 fell from $2.582 billion to $1.026 billion on a year-to-year basis, in part due to $436 million in net losses from mortgage proprietary trading. The company said it also took about $519 million in net losses "primarily related to loans as well as closed and pipeline commitments, due to losses on hedges which were partly offset by mark-to-market gains," said John Mack, chairman and chief executive officer. "Difficult market conditions and lower levels of client activity impacted our results, particularly in fixed income and asset management."
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