Morgan Stanley, an American multinational investment bank and financial services company in the Newyork city, has today October 15 2020, rounded up a week of wall street earning reports with results that exceeds analyst expectations in revenue and profits amidst the economic down turn affecting businesses globally.
According to the Forbes, the investment bank, generated a third-quarter profit of $2.7 billion, which is $0.5 billion higher than the profit it made last year. The bank drew $11.7 billion revenue in the third-quarter, thus outrunning analyst’ expectation by over $1billion.
The profits realized from revenue were orchestrated by the trading division operating in the bank, with 20% increase as the stock market soared. Recall that last week Morgan Stanley announced it’s agreement to buy “Eaton Vances”, an asset management firm, for $7 billion inorder to expand it’s wealth management division.
In a statement the chief executive officer of the bank James Gorman noted that, Morgan Stanley delivered efficient quarterly earnings while markets were active during the summer month and balanced business model didn’t cease to deliver consistent high returns.