Morgan Stanley Trading Gains Cap Another Win for Wall Street
- Fixed-income revenue rises 35%, driving profit above estimates
- Equity-underwriting fees more than double from a year earlier
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Morgan Stanley rounded out a winning week for Wall Street trading desks with its own success story: Revenue from the business surged 22% in the third quarter, lifting the firm’s profit to the second-highest ever.
The trading division topped analysts’ estimates, driven by a 35% jump in fixed-income revenue that was second-best among the big banks. The gains echoed similar results from JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc., which also benefited from continued swings in markets driven by the pandemic.