When asked Tuesday about the investment banking rebound, Morgan Stanley CEO Ted Pick told analysts "a number of folks have been calling for this."He referenced earlier industry talk of so-called "green shoots" that failed to show up after some false starts in 2023.The pick up in investment banking and an increase in trading helped Morgan Stanley push its net profit up by 41% from a year earlier, to $3.07 billion. Its total net revenue of $15.02 rose 12%.
Net new assets in that division fell 59% from a year ago and 62% from the last quarter, to $36.4 billion. Revenues were $6.79 billion, which was a 2% increase from a year ago but a 1.28% decrease from the last quarter."The firm delivered another strong quarter in an improving capital markets environment," Pick said in a press release.
Cathie Wood says she wouldn't have sold Nvidia stake 'had we known that the market was going to reward it'
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