Morgan Stanley stock jumps as its investment banking surges
Morgan Stanley (MS) stock jumped 4% at the open after the company reported large year-over-year increases across a variety of metrics in its third quarter earnings release.
Yahoo Finance’s David Hollerith reports:
Fees from investment banking jumped 56% from a year ago, the largest leap among big banks, to nearly $1.4 billion.
The pick-up in investment banking and an increase in trading helped Morgan Stanley push its net profit up by 32% from a year earlier, to $3.2 billion.
The results cement a broad rebound across the Wall Street operations of the country’s biggest banks. Investment banking fees and equity trading revenue also jumped at JPMorgan Chase (JPM), Wells Fargo (WFC), Goldman Sachs (GS), Bank of America (BAC), and Citigroup (C).
