Morgan Stanley bond trading revenue surges, profit handily beats estimates

REUTERS: Morgan Stanley wrapped up the earnings season for big U.S. banks on a resounding note, comfortably beating quarterly profit estimates and raising the possibility that the Wall Street bank could raise its strategic targets.

Morgan Stanley's revenue from sales and trading rose 28per cent to US$3.19 billion. Bond trading sales more than doubled to US$1.27 billion from a year earlier. "We delivered strong quarterly earnings across all of our businesses ... This consistent performance met all of our stated performance targets," Gorman said in a statement.Under Gorman, Morgan Stanley has been hitting key financial targets consistently for some time, which suggests he may announce new targets soon, according to analysts.

However, the two profitability measures met the bank's earlier targets for a return on equity of between 10per cent and 13per cent and a return on tangible common equity of between 11.5per cent and 14.5per cent.

Source: Digital Coin News (digitalcoinnews.net)

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