Morgan Stanley profit blows past estimates, flags $900-mn loss on Archegos

Net revenue jumped 61% to $15.72 billion.

Morgan Stanley reported a 150% jump in first-quarter profit on Friday that sailed past expectations, as a global dealmaking boom boosted investment banking and heightened trading activity lifted its institutional securities division.
 

The Wall Street powerhouse, however, recorded a total one-off loss of over $900 million that it said was related to a credit event and subsequent losses from "a single prime brokerage client."
 

Morgan Stanley was one of six banks who had exposure to Archegos Capital Management, a family office fund that defaulted on margin calls late last month and triggered a firesale of stocks across Wall Street.
 

Despite