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Morgan Stanley reported a 26 per cent rise in first-quarter profits, powered by its equities trading business, which benefited from volatile financial markets during the early months of the Trump administration.
Morgan Stanley on Friday said it had made net income of $4.3bn in the three months to the end of March, more than a quarter higher than the same period last year and beating analyst estimates of $3.7bn.
“These results demonstrate the consistent execution of our clear strategy to drive durable growth across our global footprint,” chief executive Ted Pick said.
The robust performance was powered by the bank’s equities trading business, which posted a 46 per cent surge in revenues to $4.1bn during the period. The fixed income trading arm reported a 4 per cent rise in revenues to $2.6bn.
Net new assets in its wealth management business came in at $94bn for the quarter, slightly lower than the same period last year, but comfortably beating analyst expectations.
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