Bank of America Settlement Charge Hits Profit, Morgan Stanley Profit Climbs
Bank of America reported a lower third-quarter profit, mostly tied to a regulatory settlement charge, while Morgan Stanley’s overall profit and revenue climbed
Morgan Stanley's third-quarter profit rose to $4.91 billion, or $3.03 per share, for the three months ending September 30, according to Investing.com. This surpassed analyst expectations of $2.91 per share and increased from the $4.61 billion, or $2.80 per share, reported a year prior. Bloomberg noted that the profit increase was driven by equity traders exceeding analyst estimates and record inflows within the bank's wealth-management operation.
Investing.com reported that equity trading revenue reached $5.8 billion, a nearly 41% increase from the previous year, as market volatility related to the US-Iran war and Federal Reserve interest-rate decisions drove higher trading volumes. While investment banking income was higher, revenue from fixed income trading fell 7.3% to $2.01 billion.
Brief written by urgent.news from Bloomberg, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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