Finance
Morgan Stanley Shares Soar Most in Four Years on Trading
- Bank’s wealth-management group had $7.27 billion of revenue
- A ‘standout quarter’ but not yet at peak: CFO Sharon Yeshaya
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Morgan Stanley traders and bankers joined the rest of their Wall Street rivals in posting better-than-expected revenue, fueling a 32% profit surge for the third quarter and sending the shares up the most in almost four years.
Revenue from the trading business rose 13%, the bank said in a statement Wednesday. That followed gains recorded by its biggest rivals as the markets business lifted fortunes across the industry and a rebound in dealmaking fueled higher investment-banking fees.