Morgan Stanley Posts $2.7 Billion Third Quarter Profit Thanks To Stocks’ Summer Surge

Morgan Stanley brought a week of Wall Street earning reports to a close on Thursday with third quarter results that exceeded analysts’ expectations for both revenue and profit, even amid the worst economic downturn in decades. Morgan Stanley posted a third quarter profit of $2.7 billion compared to $2.2 billion during the same period last year.

The bank pulled in $11.7 billion in revenue in the third quarter, beating analysts expectations by more than $1 billion. Those revenue gains were driven in part by the bank’s trading division, which saw a revenue bump of 20% as the stock market soared over the summer. that it had agreed to buy asset management firm Eaton Vance for $7 billion in a bid to continue building out its wealth management division, which also saw a bump in revenue in the third quarter.

How’s that even possible? COVID__19

That's fantastic news, meanwhile in real news...food lines are forming in most parts of the country

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