Morgan Stanley joins rest of US banking industry with sterling results
The final three months of 2019 offered relief for US banks stung by a years-long slump in the fixed-income market
16 January 2020 - 17:32
New York — Morgan Stanley fixed-income traders completed a clean sweep by Wall Street banks, surpassing analysts’ estimates and joining the rest of the industry in staging a roaring comeback.
Shares surged by the most in more than three years after Morgan Stanley joined rivals in reporting a huge surge in bond-trading revenue and boosted its profit target for the next two years. Fixed-income trading revenue more than doubled, helping lift annual profit to a record high. The firm also beat analysts’ estimates for merger advice and stock and debt underwriting...
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