Morgan Stanley posts earnings beat driven by strong trading revenue
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"We delivered strong quarterly earnings as markets remained active through the summer months, and our balanced business model continued to deliver consistent, high returns," CEO James Gorman said.Morgan Stanley posted third quarter earnings that beat analyst expectation in revenue and net income, amid a series of acquisitions that includes a just-completed takeover of E-Trade, and a just-announced buyout of Eaton Vance.
Morgan Stanley's wealth management unit reported net revenues of $4.7 billion for the quarter, representing year-over-year growth of 7%. "Results reflect strong fee-based flows and significant increase in bank lending and deposits," Morgan Stanley said.
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