Speaking at the UBS financial services conference in New York last week, Crawford confirmed that market conditions had weakened. The sales and trading segment is the firm's largest business, accounting for around a third of revenue, but it is currently struggling due to reduced trading activity and low volatility.
Crawford also expressed his view that 2002 will be a difficult year for M & A generally. He said that although investment bankers are in discussions with clients, there is no real firm business out there.
Q2 Trading Weaker - Morgan Stanley
Morgan Stanley's chief financial officer, Stephen Crawford, said that the firm's sales and trading business has declined since the first quarter.
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