https://apnews.com/450cb793310cb559aceed83423af697b

NEW YORK (AP) — The profits for two iconic Wall Street firms — Goldman Sachs and Morgan Stanley — plunged sharply last quarter as volatile markets cut deeply into investment banking.

Goldman's profits tumbled 66% to $1.33 billion in the fourth quarter, it said Tuesday, well below what Wall Street had expected. Profits at Morgan Stanley slumped 40% to $2.2 billion, barely beating analyst projections.