Morgan Stanley has reported a 9 per cent fall in third-quarter profits, as slower growth at the Wall Street bank’s juggernaut wealth management business was compounded by falling revenues in investment banking and trading.

The bank on Wednesday reported net income of $2.4bn for the quarter, down from $2.6bn a year earlier and slightly ahead of analysts’ estimates for $2.3bn, according to data compiled by Bloomberg.

Investment banking revenues, which have fallen over the past 18 months amid an industry-wide slowdown in activity, were particularly sluggish for Morgan Stanley, falling almost 30 per cent year on year to $938mn. This bucked a broader trend at rivals such as Goldman Sachs and JPMorgan Chase, which either reported slight increases or only modest declines.