Morgan Stanley waltzes past Wall Street's estimates for Q3 earnings

Morgan Stanley rides trading desk to strong third quarter

Morgan Stanley Q3 profit jumps 26% on trading boost

The investment bank reveals a 16.2% year over year growth in revenue in Q3. The American multinational's financial results came in a day after its peer, Wells Fargo, revealed a massive 56% decline in third-quarter profit. Shares of the company were little changed at US$50.70 at 7:32 a.m.in early NY trading. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.

Are you looking for fast-news, hot-tips and market analysis? Gorman's gross sales and buying and selling workforce rode a frothy inventory market to a 20 % income improve from final yr, netting $four.1 billion for the three months ending in September, $400 million greater than analysts projected.

In the comparable quarter of previous year, it had reported a lower £1.68 billion of net income or 98 pence per share. According to FactSet, experts had forecast 99 pence of per-share earnings for Morgan Stanley in the recent quarter.

Even as trading returns to the spotlight amid the pandemic, chief executive James Gorman has been taking steps to shore up Morgan Stanley's asset and wealth management businesses to insulate the bank from weak periods for trading and investment banking. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share. Morgan Stanley's stock trading division - the firm's specialty - saw next revenues increase to $2.26 billion from $1.99 billion a year earlier. Morgan Stanley faced a £46.46 million fine earlier this week for data protection mishaps.

"We delivered sturdy quarterly earnings as markets remained energetic by the summer time months", Gorman wrote in an announcement saying the outcomes. The stock has risen 20% in the last 12 months.

The trading division topped analysts' estimates, driven by a 35 per cent jump in fixed-income revenue that was second-best among the big banks.

The new Morgan Stanley will rely on its beefed-up wealth- and money-management businesses for a majority of its revenue, while also trying to maintain its standing in the markets and dealmaking world.

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