Morgan Stanley profits jump 25% on stock surge
Equity-capital markets business bonanza driven by strong IPOs, says CFO Jonathan Pruzan
15 October 2020 - 17:14
New York — Morgan Stanley rounded out a winning week for Wall Street trading desks with its own success story: Revenue from the business surged 22% in the third quarter, lifting the firm’s profit to the second-highest ever.
The trading division topped analysts’ estimates, driven by a 35% jump in fixed-income revenue that was second-best among the big banks. The gains echoed similar results from JPMorgan Chase, Goldman Sachs and Citigroup, which also benefited from continued swings in markets driven by the pandemic...
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