Finance
Morgan Stanley Traders, Bankers Top Estimates as Wealth Lags
- Trading unit posts biggest gains among Wall Street peers
- Wealth business disappoints on new assets and revenue miss
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Morgan Stanley’s traders joined the party across Wall Street in the second quarter even as the firm’s larger wealth business fell short of expectations.
The bank’s trading business posted the biggest increase among its peers in the second quarter. Morgan Stanley, like its rivals Goldman Sachs Group Inc. and JPMorgan Chase & Co., beat expectations, solidifying the markets business as a hot spot across the industry. Investment-banking fees also increased, soaring 51% from a year earlier.