US investment banking giant Morgan Stanley Dean Witter today reported a 30 per cent decline in first quarter net income to $1.075 billion compared with the same period of fiscal 2000.
Revenue in the quarter fell 14 per cent to $6.4 billion dollars.
In a joint statement, chairman Mr Philip Purcell and president Mr Robert Scott expressed satisfaction with the bank's first quarter net income "particularly in light of the difficult markets for several of our businesses during the quarter."
"Some of our businesses, however, such as fixed income and equity sales and trading, have done exceptionally well."
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They also warned there was a "possibility of a continuation of this quarter's difficult environment."
AFP