(Bloomberg) -- Morgan Stanley traders and bankers joined the rest of their Wall Street rivals in posting better-than-expected revenue, fueling a 32% profit...
-- 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.Mexico Seeks to Halve Permitting Time to Attract More Factories
The firm’s critical wealth unit also stood out, generating record revenue of $7.27 billion, higher than analysts’ expectations, with $64 billion in net new assets. The unit boosted its pretax margin to 28%, driven by growth in fee-based assets. CEO Pick has pitched the idea that the investment-banking business is on the cusp of a multiyear cycle that will prove to be a boon for firms like his as fees rebound. The bank has also been assuring markets that margins in its giant wealth operation are set to jump as the bank marches toward its $10 trillion firmwide asset-management goal.Morgan Stanley has been preparing to seize on new opportunities from a revival in dealmaking with a reshuffle of its top ranks.
Yeshaya said the firm is still investing in that business. “Derivatives on the equities side is one I would point to,” she said. “There is also technology. That’s not something where you could stand still.” The “value proposition” is in the firm’s wealth-advisory business, she said. “We have shown durable, sustainable growth and the opportunities ahead of us are extremely strong.”Earnings per share were $1.88.UK to raise capital gains tax rate on share sales, Times reports
Bloomberg Capital Markets Investment-Banking Chief Financial Officer Sharon Yeshaya Wall Street
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