on Thursday posted second-quarter profit and revenue that exceeded analysts' expectations on strength in equities trading and investment banking.: $1.85 a share vs. the $1.65 estimate of analysts surveyed by Refinitiv.While rival banks reported a steep slowdown in fixed-income trading revenue — a dynamic that ensnared Morgan Stanley's bond traders as well — the bank's strength has traditionally been in its equities-trading franchise, the biggest in the world.
Stock trading has thrived in the second quarter for Wall Street, as have wealth management businesses, both of which have benefited from high asset values and robust IPO activity. Another area that has flourished is investment banking, propelled by robust merger activity and related financings., Morgan Stanley posted strong investment banking results, with revenue of $2.38 billion exceeding the $2.1 billion estimate.
The two other major divisions at New York-based Morgan Stanley also exceeded expectations in the quarter. Its investment management division, helped in part by the purchase of Eaton Vance last year, posted $1.7 billion in revenue, topping the $1.53 billion estimate.
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Source: Reuters - 🏆 2. / 97 Read more »
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