Goldman Is Worth Less Than Morgan Stanley for the First Time in a Decade

It was a nice run.

For the first time in over a decade, Goldman Sachs Group Inc. is worth less than its longtime rival, Morgan Stanley, at least in the eyes of equity investors.

After reporting a plunge in bond trading, Goldman’s market capitalization fell to $99.4 billion at the close on Wednesday, a fraction less than Morgan Stanley. That snapped a 4,105-day streak, which started on Oct. 23, 2006.