Morgan Stanley claims another trading victory over rival Goldman Sachs
New York — Morgan Stanley beat Wall Street’s profit expectations on Wednesday, reporting gains across most of its businesses and producing more trading revenue than rival Goldman Sachs. The sixth-largest US bank by assets reported an 11% rise in second-quarter profit, generating more revenue from giving corporations advice, underwriting securities, trading equities and managing customers’ money. The one dark spot — bond trading — fell 4%, much less than at Wall Street rivals that reported earnings in recent days. The $1.3bn in revenue from that business topped CEO James Gorman’s $1bn quarterly target and beat Goldman’s $1.2bn. Morgan Stanley shares jumped 3.9% to $46.95 in morning trading.
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