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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Morgan Stanley Shows Goldman Sachs How It’s Done
[Photo: MS Sydney, Australia HQ - by Alex Proimos / wikimedia commons]
Morgan Stanley reported Q2 earnings that easily beat Wall Street expectations: earnings per share of 87¢ vs. 76¢; revenues of $9.5 billion vs. $9.1 billion. While reporting gains across most of its businesses, Morgan Stanley particularly benefitted from an increase in stock trading and profits from its wealth management business.
In a more glaring observation, Morgan Stanley generated more trading revenue than rival Goldman Sachs. Equity sales and trading net revenues increased by $100 million to $2.2 billion - little changed from a year ago but up 7% from Q1. And, for the second quarter in a row, Morgan Stanley's fixed income trading revenue topped that of Goldman Sachs. While bond trading revenues fell 4%, that decline was less than what most of its rivals have experienced and the $1.3 billion in bond trading revenues exceeded CEO James Gorman’s $1.0 billion target.
The positive results appear to vindicate Morgan Stanley and its chief executive, who have been steadfast in their strategy to remain a major player in trading while growing wealth management. Based on the bank’s recent string of successes, Evercore ISI analyst Glenn Schorr noted: “Love it when a plan comes together.”