Morgan Stanley Climbs With Trading Revenue Topping Estimates

(Bloomberg) -- Morgan Stanley shares rose about 0.9% in premarket trading after the bank, like Goldman Sachs Group Inc. and JPMorgan Chase & Co. earlier this week, reported better-than-expected fixed income, currencies and commodities trading revenue.

FICC sales and trading revenue of $3.03 billion compared with an estimate of $1.81 billion. Wealth management net revenue of $4.7 billion also topped an estimate of $4.04 billion.

Morgan Stanley Chief Executive James Gorman in the earnings statement said that the bank’s “decade long business transformation was intended to provide stability during times of serious stress. The second quarter tested the model and we performed exceedingly well.”

For more on Morgan Stanley Second-Quarter Earnings, click here for our TOPLive blog.

©2020 Bloomberg L.P.