US banking giant Morgan Stanley’s profits fell in the first quarter due to the slowdown in investment banking.

The New York-based bank’s net profit fell 20 percent to $2.84 billion. Earnings per share was $1.70.

Net revenues of the bank fell 1.9 percent in this period to $14.5 billion. The expectation was $14.07 billion.

The bank’s wealth management net income rose 11 percent year-on-year to $6.56 billion. The expectation was $6.48 billion. Net interest income was $2.35 billion, beating estimates of $2.46 billion.

Fixed Income Foreign Exchange and Commodity (FICC) transactions were $2.58 billion, versus $2.42 billion. Share sale transaction revenue fell 14 percent year on year to $2.73 billion.

CEO James Gorman said the bank had “announced strong results in a very unusual environment”.