Morgan Stanley Profit Climbs on Equity Trading, Wealth Management
Morgan Stanley saw third quarter profit rise as the firm’s equity traders topped analysts’ estimates and a record amount of money was brought in by the bank’s wealth-management operation. Kristine Aquino reports on Bloomberg Television. (Source: Bloomberg)
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.
