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Morgan Stanley profits jump on bond trading growth

Morgan Stanley profits jump on bond trading growth

Morgan Stanley profits jump on bond trading growth

  • 19 April 2017
  • From the section Business

Morgan Stanley logoImage copyright
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Morgan Stanley profits rose sharply in the first quarter as the Wall Street giant became the latest bank to see growth in the period.

The US firm reported profits up 74% to $1.84bn (£1.4bn) for the three months against the same quarter last year.

The gain came as revenue from investment banking and bond trading jumped, and the bank was able to set aside less money for credit losses.

The growth also reflected a rebound from 2016’s rocky start.

“We reported one of our strongest quarters in recent years,” chief executive James Gorman said.

“All our businesses performed well in improved market conditions. We are confident in our business model and the opportunities ahead, while recognizing that the environment remains uncertain.”

Overall revenue increased 25% from the same period in 2016, reaching $9.7bn. Trading revenue rose 57% to $3.2bn.

Morgan Stanley’s profits and revenue growth beat analysts’ forecasts. On Tuesday, Goldman Sachs and Bank of America also report quarterly growth, although there was some disappointment that the figures were not higher.

Source : BBC News – Business

Morgan Stanley profits jump on bond trading growth

Morgan Stanley profits jump on bond trading growth

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