Friday, October 22, 2021

Morgan Stanley profits surge as dealmaking pushes revenue higher

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Morgan Stanley said revenue from firm deals and wealth management rose 36 percent year-over-year in the quarter, more than analysts had expected.

The Wall Street behemoth on Thursday was worth $ 3.71 billion, or $ 1.98 per share, out of $ 14.75 billion in revenue. Analysts forecast the bank’s stake to be $ 1.69 billion, up from $ 13.93 billion, FactSet reports.

As the economy recovers, deals, fundraising and IPOs have boosted the profits of all major firms, including rivals JPMorgan and Goldman Sachs.

Morgan Stanley Investment Bank’s revenue rose 67 percent from a year earlier, as record consulting fees rose to $ 1.27 billion – more than three times last year.

But now Morgan Stanley is also starting to benefit from the acquisition of Eaton Vance investment management company and the E * TRADE trading platform.

“Year after year, our successful integration of E * TRADE and Eaton Vance has supported the growth of $ 400 billion in new customer assets in wealth and investment management, bringing our total customer assets to $ 6.2 trillion,” he said. said CEO James Gorman. in a statement.

The bank said its E * TRADE game helped boost revenue management from 28 percent. Similarly, Morgan Stanley said the acquisition of Eaton Vance helped boost revenue from investment management by 38 percent.

Morgan Stanley CEO James Gorman said: “The firm has delivered another strong quarter that boosted solid revenue and efficiency.”

Morgan Stanley shares rose 0.9 percent during the day and traded at $ 99.45. Shares have risen more than 30 percent this year.

The Morgan Stanley report comes a day after JPMorgan announced surprisingly strong earnings.

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