ISTANBUL

Morgan Stanley saw its income and revenue decrease in the first quarter, according to a financial results statement released Wednesday.

The US-based multinational investment bank and financial services holding company posted net earnings applicable to main shareholders of $2.98 billion in the January-March period, which was down 18.8% from $3.67 billion in the same period last year.

Total revenue decreased 2% to $14.5 billion, from $14.8 billion, according to the figures.

Chairman and CEO James P. Gorman said the first quarter was an "unusual environment" amid the US banking crisis and added that equity and fixed income revenues were strong but investment banking activity continued to be constrained.

The bank's stock price was down almost 2.5% to $87.64 at 9.34 a.m. EDT from its previous close of $89.85.