Morgan Stanley profits climb 11%

Profits at US bank Morgan Stanley increased 11% year-on-year in the second quarter, with gains across its business.The firm also weathered a decline in bond trading better than rivals, reporting a 4% revenue fall in that business. Profits were $1.8bn in the quarter, on revenues of more than $9.5bn. Revenues increased 7% year-on-year.Shares climbed 2.7% in morning trade.Chief executive James Gorman said the earnings showed “the resilience of our franchise in a subdued trading environment”. The firm’s investment management unit, the smallest segment of the business, showed the strongest gains, with a 14% year-on-year rise in revenue.While Morgan Stanley has grown on an annual basis, its revenues dipped 2% from the previous quarter.Morgan Stanley said client optimism had dimmed since the start of the year, but it expected US policy changes, including interest rate increases and financial deregulation, to help boost future growth.
Source: BBC News

Copyright 2024 Business Ideas UK