Morgan Stanley reported second-quarter revenue that were below analysts’ expectations.

The bank’s results were hurt by a sharp 55% decline in investment banking revenue.

The results confirm what some analysts had feared for Morgan Stanley, which runs one of the larger equity capital markets operations on Wall Street.

Profit dropped 29% to $2.5B, or $1.39 per share from $3.51B, or $1.85 per share, a year ago

Revenue fell 11% to $13.13B from $14.8B, driven by the steep 55% decline in investment banking revenue.

The firm’s investment banking division produced $1.07 billion in second-quarter revenue, $400 million below analysts’ $1.47 billion estimat

Shares of the bank fell nearly 1% in late-morning trading after earlier hitting a new 52-week low of $72.05.

“Overall, the firm delivered a solid quarter in what was a more volatile market environment than we have seen for some time,” said CEO James Gorman.