Morgan Stanley has today reported a 9% drop in quarterly profit as equities and bond trading fell due to low market volatility. 

The bank said earnings attributable to common shareholders fell to $2.34 billion, or $1.39 per share, in the first quarter ended March 31, from $2.58 billion, or $1.45 per share, a year ago. 

On an adjusted basis, the company earned $1.33 per share. 

Analysts were looking for a profit of $1.17 per share, according to IBES data from Refinitiv.