Morgan Stanley Stock Traders Beat Goldman in Record Quarter

Morgan Stanley’s stock traders soared past expectations in the third quarter, topping all of its largest rivals as US President Donald Trump’s policies kept markets on edge throughout the period. Shares of the company jumped the most in more than six months.

Revenue from trading stocks surged 35% to $4.12 billion in the third quarter, according to a statement Wednesday. That surpassed analyst estimates of a 6.6% increase, and beat Goldman Sachs Group Inc.’s $3.74 billion from that business. Goldman in recent years has dominated the equity-trading business. Under Chief Executive Officer Ted Pick, Morgan Stanley has been eager to regain the top spot.