Morgan Stanley profit jumps 46%

Credit: Reuters Studio
Published 4 days ago - Duration: 01:13s

Morgan Stanley profit jumps 46%

Morgan Stanley's surging profit and newly announced performance metrics wowed Wall Street, driving the investment bank's shares sharply higher.

Fred Katayama reports.

Morgan Stanley profit jumps 46%

Morgan Stanley on a roll.

The investment bank wowed Wall Street Thursday by boosting its quarterly profit 46%.

That crushed analysts' estimates.

Revenue rose nearly across the board.

Sales and trading revenue shot higher as bond trading sales more than doubled.

And an increase in equity and bond underwriting lifted its investment banking revenue.

After reporting its results, Morgan Stanley upped the ante.

It raised the bar on a set of performance metrics that it had been steadily hitting for some time, Those targets track costs and profitability.

Investors cheered the move, driving Morgan Stanley shares up 7% in early trading Thursday.

Morgan's strong performance is the latest sign that CEO James Gorman's strategic vision is bearing fruit.

He has turned the investment bank into a steadier performer by beefing up its wealth management business, steering it away from the more volatile trading business.

Under its CEO David Solomon, archrival Goldman Sachs is also trying to make itself less sensitive to market fluctuations by growing its fledgling consumer bank and expanding further into wealth management.

You are here

Recent related news from verified sources

Morgan Stanley reported a 53% rise in quarterly profit on Thursday, driven by strength in its bond trading and underwriting businesses.
4 days ago • Reuters India

Morgan Stanley wrapped up the earnings season for big U.S. banks on a resounding note, comfortably beating quarterly profit estimates and raising the possibility...
4 days ago • Reuters India

Recent related videos from verified sources

S&P tops 3300 on strong retail sales 01:39
Credit: Reuters Studio - Published 4 days ago 

S&P 500 Movers: BK, MS 01:27
Credit: Market News Video - Published 4 days ago 

You might like