Morgan Stanley Joins Wall Street Gold Rush on Record Profit
- Fixed-income trading revenue nearly triples amid market swings
- Five biggest investment banks haul in $33 billion from trading
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Morgan Stanley wrapped up a week of wins for Wall Street trading desks, capitalizing on the Federal Reserve’s extraordinary rescue measures with record profit.
Fixed-income trading revenue almost tripled, driving a 73% jump in total trading that surged past expectations, according to a statement Thursday. That spurred firmwide revenue and earnings to all-time highs amid wild market swings caused by the coronavirus pandemic.