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Morgan Stanley posts best quarterly results among big banks

Morgan Stanley posts best quarterly results among big banks

Wall Street ended its earnings week on a high note on Wednesday as Morgan Stanley reported a 38 percent surge in profit, driven by double-digit increases in all its major businesses.

James Gorman’s bank, the smallest of the major Wall Street players, posted $2.4 billion in profit during the three months ending in June, up from $1.59 billion last year.

The surge was driven by a 40 percent increase in institutional securities trading profits, to $1.5 billion. Wealth management, one of the bank’s key areas following the financial crisis, also surged 36 percent, to $876 million.

“It is very hard to find anything to criticize in Morgan Stanley’s latest earnings,” Octavio Marenzi, CEO of consultancy Opimas, said in a statement.

“Morgan Stanley’s performance in sales and trading was particularly impressive, especially compared to rival Goldman Sachs.”

Shares of the bank had spiked as much about 3 percent, to $50.65, before markets opened.

Morgan Stanley’s earnings were the most unabashedly solid of the six major banks this quarter.

Almost all the banks reported higher profits and better revenues than analysts expected — but ended up seeing their share prices fall as investors found one thing or another to nitpick.

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