Matthew C Klein, Columnist

Morgan Stanley's Bond-Market Magic

Every other bank except Morgan Stanley has seen fixed-income trading revenue decline.

April 17, 2014 at 9:20 PM UTC

Matthew C. Klein writes for Bloomberg View about the economy and financial markets. He previously wrote for the Economist magazine and its economics blog, Free Exchange. Before that, Klein was a research associate at the Council on Foreign Relations, where he spent more than two years studying the history of the Federal Reserve and the intellectual history of monetary economics for an upcoming book by Sebastian Mallaby. He also worked at Bridgewater Associates, where he studied the economies of Central and Eastern Europe and advised institutional investors on asset-liability management. Klein has a bachelor's degree in history from Yale University. Originally from Chicago, he lives in New York.

Ready for takeoff? Photographer: Scott Eells/Bloomberg

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Maybe it's luck, but Morgan Stanley, which reported earnings today, has been enjoying impressive growth during the past two years in a business that has been inflicting pain on the rest of Wall Street: fixed-income trading. The segment has been in decline almost everywhere, as John Carney has explained, but first-quarter net revenue in Morgan Stanley's trading business is gaining ground against JPMorgan Chase & Co. and Goldman Sachs Group Inc.