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

  • 📰 Forbes
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

The Wall Street giant’s profit rose more than 20% from the same period last year.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Morgan Stanley posts earnings beat driven by strong trading revenue - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Morgan Stanley is set to report third-quarter earnings – here’s what the Street expectsCEO James Gorman has doubled down on his push to diversify away from Morgan Stanley’s traditional strengths of trading and investment banking. Thankful something is going on a positive directionpelosi OpenLearning=ASX: $OLL STOCKHEAD GROWTH Skills needed in search for recession-proof work YouTube link below is from an ASX Investors point of view about OpenLearning=ASX: $OLL Future of Education 👩‍💻❤👩‍🎓 Marketplace for online microcredentials OpenLearning to solve a skills shortage
Source: CNBC - 🏆 12. / 72 Read more »

Morgan Stanley, Vertex, Walgreens Boots: What to Watch When the Stock Market Opens TodayWall Street watches whether Morgan Stanley will celebrate strong earnings results
Source: WSJ - 🏆 98. / 63 Read more »

The stock market's near-term fate could be decided by the tight Senate race as stimulus remains in limbo, Morgan Stanley says | Markets Insider
Source: BusinessInsider - 🏆 729. / 51 Read more »