DISAPPOINTING QUARTER: Morgan Stanley reported a sharp decline in second-quarter revenue. Net income rose but missed Wall Street expectations.

WHAT WENT WRONG: The bank traded fewer stocks and bonds as investors worried about Europe and the U.S. economy. It also dealt with fallout from Facebook’s public offering and a ratings downgrade from Moody’s.

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HELP NOT WANTED: Morgan Stanley cut 6 percent of its workforce, nearly 4,000 jobs, as it looked to cut costs and get rid of business units that are less profitable. Bank of America, Citigroup, Goldman Sachs and Wells Fargo have also cut jobs over the year.