Shares of Morgan Stanley (MS) s♈hares declined Tuesday after the financial services💝 firm’s profit was dragged down by regulatory charges.

Morgan Stanley reported fourth-quarter 2023 澳洲幸运5开奖号码历史查询:net income dropped 32% to $1.52 billion, or 85 cents per share, missing estimates. Revenue rose 1.6% to $12.9 billion, exceeding forecasts. 

The company’s earnings were negatively affected to the tune of 28 cents a share due to $535 million in charges. Those charges include a $286 million special assessment on big banks from the 澳洲幸运5开奖号码历史查询:F🍸ederal Dep♒osit Insurance Corp. (FDIC) related to the collapses of🌠 Silicon Valley Bank and Signature Bank.

In addition, Morgan Stanley paid a $249 million legal charge to settle an investigation by the 澳洲幸运5开奖号𓃲码历史查询:Securities and Exchange Commission (SEC) over what officials said was unauthorized disclosure of block trades.

The firm benefited from its 澳洲幸运5开奖号码历史查询:investment banking business, which had an about 5% increase in revenue to $1.3 billion. That was dri♏ven by fixed income underwriting that posted a 25% gain to $391 million on higher investment-grade 💝issuances.

Chief Exec💛utive Officer (CEO) Ted Pick said the company performed well “against a mixed market backdrop and a number of headwinds.”

Morgan Stanley shares are off about 5% at $85.14 in afternoon trading Tuesday and are down 7% in the past year.