Morgan Stanley launches program to boost diversity in trading unit

Morgan Stanley Q3 profit jumps 26% on trading boost

Net income applicable to common shareholders rose 26% to $2.60bn in the quarter ended September 30. Net income rose to $2.72 billion, or $1.66 a share, from $2.17 billion, or $1.27 a share, in the year-ago period, beating the FactSet earnings consensus of $1.28 a share. Its quarterly profit grew 25% amid a recession and crushed analysts expectations, wrapping up a mixed third quarter earnings season for the big US banks.

This story has been published from a wire agency feed without modifications to the text. 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.

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.

Morgan Stanley Chief Government James Gorman has spent billions in latest months to make the megabank much less reliant on buying and selling, however Morgan Stanley's merchants bucked the pandemic to ship a giant quarter. In the comparable quarter of a year ago, it had reported a lower £1.68 billion of net income or 98 pence per share.

Getafe vs Barcelona: I am in charge - Koeman fires warning at Griezmann
Getafe have played four and won two while drawing the other and losing 0-3 to Real Sociedad in their last La Liga fixture. If he can't, the coach will have to call on recent signing Sergiño Dest , who normally plays on the right.

Like other investment banks, Morgan Stanley benefitted from markets that generally moved higher through the summer.

Equity-underwriting fees more than doubled from a year earlier to $874 million, helping to counter declines in advisory and fixed-income underwriting. "There's an emerging view that the election will not be as clear as has historically been the case". A new round of federal spending - particularly more unemployment insurance and checks to households - would stave off future loan defaults. The results included a one-time tax benefit of $113 million.

The 17% surge in revenue comes amid an acquisition spree by the firm, as it acquired both E-Trade and Eaton Vance so far this year. Morgan Stanley's stock trading division - the firm's specialty - saw next revenues increase to $2.26 billion from $1.99 billion a year earlier.

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