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

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 »