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Morgan Stanley's quarterly profit surges on trading gains

Morgan Stanley's shares were up about 2% at $42.00 in premarket trading

Reuters 

Morgan Stanley reported a 74 per cent jump in quarterly profit on Wednesday, topping analysts' estimates as revenue from bond trading nearly doubled following interest rate hikes by the Federal Reserve. The bank also hit a key milestone laid out by Chief Executive James Gorman by achieving a 10.7 per cent return on equity, a measure of the firm's profitability. Gorman had set a target in January 2016 for nine per cent to 11 percent ROE by the end of this year. Morgan Stanley's trading results echoed those across Wall Street, with the exception of chief rival Goldman ...

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First Published: Wed, April 19 2017. 20:37 IST
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