Morgan Stanley has been dubbed 'the new Morgan Sachs' after its equity and bond traders captured market share from rivals over the past quarter.
The company's revenues from its equity business climbed to $1.9bn (£1.2bn) in the quarter from $1.4bn a year ago, while bond and commodity revenues hit $2.09bn. Together they helped drive the bank's revenues to $9.28bn, up from $7.96bn a year ago, their highest level since before the financial crisis. "Morgan Stanley is the new Goldman Sachs," said Richard Bove, an analyst at Rochdale Securities. "Every one of its divisions shows an improvement and the improvement in trading operations is especially impressive." MORE...
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