Morgan Stanley’s quarterly profits rose 32 per cent to $3.2bn, boosted by a recovery in investment banking and an uptick in stock trading.
The bank’s reported third-quarter net income was up from $2.4bn a year earlier and ahead of analysts’ estimates, both overall and for individual divisions.
Morgan Stanley shares were up almost 3 per cent in pre-market trading in New York.
Investment banking fees rose more than 50 per cent from a year ago to $1.5bn — a bigger jump than Wall Street rivals that have reported in recent days.
Revenues at Morgan Stanley’s equities trading business rose 21 per cent to $3bn, outstripping a more modest increase in its smaller fixed income trading unit.
Morgan Stanley’s wealth management business, which has almost $6tn in client assets, attracted net new assets of $64bn during the quarter, almost twice the figure of a year ago.
This is a developing story