Morgan Stanley earns work while making the deal higher profits

Morgan Stanley said stable earnings in labor and wealth management pushed three -month profit 36 ​​percent higher from a year earlier, beating analysts’ expectations.

The Wall Street behemoth on Thursday reported revenue of $ 3.71 billion, or $ 1.98 a share, on revenue of $ 14.75 billion. Analysts predicted the bank would report $ 1.69 a share in revenue of $ 13.93 billion, according to FactSet.

As the economy bounced back, deal making, capital increases and IPOs pushed all major earnings of companies higher, including rivals JPMorgan and Goldman Sachs.

Morgan Stanley’s investment bank revenue has risen 67 percent since last year as record advice fees climbed to $ 1.27 billion – nearly triple what it was last year.

But now Morgan Stanley is also starting to reap the benefits of acquisitions including investment management company Eaton Vance and trading platform E * TRADE.

“Year-to-day, our successful merger of E * TRADE and Eaton Vance is supported by the growth of $ 400 billion in net new client assets across Wealth and Investment Management, bringing our total combined assets of the client to $ 6.2 trillion, ”Chief Executive James Gorman said in a statement.

The bank said that E * TRADE play helped boost wealth management revenue 28 percent higher. Also, Morgan Stanley said so Getting Eaton Vance helped expand investment management revenue by 38 percent.

Morgan Stanley chief James Gorman said, “The Firm delivered another very strong quarter, with solid earnings and improved efficiency.”
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Morgan Stanley stock opened the day 0.9 percent higher on shares trading at $ 99.45. The share is up more than 30 percent this year.

Morgan Stanley’s report came the next day after JPMorgan announced surprisingly strong income.

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