Investment bank Morgan Stanley (MS) has posted better-than-expected third-quarter financial results due to a boost in revenue from strong trading activity.
The Wall Street firm announced earnings per share (EPS) of $1.38 U.S. versus $1.28 U.S.
that had been forecast by analysts.
Revenue in Q3 amounted to $13.27 billion U.S. compared to $13.23 billion U.S. that had been forecast among analysts who track the bank’s progress.
Morgan Stanley’s profit was down 9% from a year earlier, while its revenues grew 2% year-over-year.
The bank attributed the Q3 results to an increase in its trading activities of both stocks and bonds.
Morgan Stanley is currently undergoing a leadership transition. In May of this year, chief executive officer (CEO) James Gorman announced plans to retire within a year.
The board of directors has said that it has narrowed the search for Gorman’s replacement to three internal candidates, though the new CEO has not yet been announced.
The strong Q3 print from Morgan Stanley continues a winning streak for the top U.S. lenders.
JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), and others, have each reported better-than-expected Q3 results.
Morgan Stanley was the last of the big U.S. banks to report Q3 results.
The stock of Morgan Stanley has risen 1% over the past 12 months and trades at $80.33 U.S. per share.
