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Morgan Stanley gets Brexit trading boost

Wednesday, October 19, 2016 7:09
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(Before It's News)

Morgan Stanley (NYSE:MS) matched its Wall Street banking peers with much stronger than expected quarterly numbers.

The bank capped a strong earning season for the US heavyweights by posting earnings 62% higher than a year ago at US$2.3bn on revenues 15% better at US$8.9bn. Earnings per share in the three months to September rose to 81c from 48c.

Rivals Goldman Sachs, Citigroup and JP Morgan had all reported better than expected numbers from their trading business and Morgan Stanley too got a leg-up from dealing.

Trading arm profits more than doubled to US$1.38bn helped by a Brexit boost for bonds and currencies.

Wealth management, where chief executive James Gorman has been trying to re-focus the group, was 9% ahead at US$901mln.

Return on equity, a key comparative measure among banks, rose to 8.7%, but lagged well behind Goldman Sach’s 11% plus.

Morgan Stanley shares rose 2% to US$32.83.

Story by ProactiveInvestors

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