Morgan Stanley rides trading desk to strong third quarter

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Bank of America, in contrast, saw its VAR edge higher over Q3, by 5% to $22 million. Earnings per share rose to $1.66 from $1.27 a year ago.

However whereas Morgan Stanley's general outcomes had been sturdy, they weren't as potent as Goldman Sachs' third quarter outcomes on Wednesday, and Morgan Stanley's inventory worth seems to be paying a worth for the comparability with shares up exclusively very barely in pre-market buying and selling.

Net income applicable to common shareholders rose to $2.60 billion in the quarter ended September 30, from $2.06 billion a year ago. Its trading operation - helping clients chop and change their portfolios - was responsible for the lion's share of the outperformance, bringing in nearly half a billion dollars more than expected. Gorman's sales and trading team rode a frothy stock market to a 20 percent revenue increase from previous year, netting $4.1 billion for the three months ending in September, $400 million more than analysts projected. Among the business segments, investment banking revenue rose 11.2% to $1.71 billion to top the FactSet consensus of $1.70 billion, and sales and trading revenue grew 20.2% to $4.15 billion to beat expectations of $3.35 billion.

Morgan Stanley shares have declined roughly 1% since the beginning of the year, while the Standard & Poor's 500 index has increased 8%. Morgan Stanley faced a £46.46 million fine earlier this week for data protection mishaps.

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Morgan Stanley Chief Executive James Gorman has spent billions in recent months to make the megabank less reliant on trading, but Morgan Stanley's traders bucked the pandemic to deliver a big quarter.

"We delivered strong quarterly earnings as markets remained active through the summer months", Gorman wrote in a statement announcing the results. Equities trading revenue rose to US$2.26 billion, surpassing the US$2.2 billion average estimate.

The trading division topped analysts' estimates, driven by a 35 per cent jump in fixed-income revenue that was second-best among the big banks.

Morgan Stanley's revenue and profit both beat analysts' overall forecasts. Analysts had anticipated £1.70 billion and £1.23 billion of revenue from equity and fixed income, respectively.

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