|Fischer Says Global Economy Can Better Cope with Fed Hikes|
|eBay’s Profit Guidance Disappoints amid Firm’s Major Platform Revamp|
Morgan Stanley’s Fixed-Income Division Outperforms Rival Goldman
Morgan Stanley took advantage of a surge in debt trading to overtake its rival Goldman Sachs Group Inc. and become the latest Wall Street firm to post strong results during the first quarter of the year.
The bank reported first-quarter profit of $1.93 billion or $1 dollar per share, with a revenue of $975 billion, with all three figures managing to surpass analyst estimates. The quarterly results were also significantly higher that its figures during the same period in the year before, when the lender and other Wall St. firms experienced tumultuous times.
The strong results drove Morgan Stanley's shares up by over 2 percent.
The most unexpected in the quarterly report was the bank's fixed-income segment, which showed a $1.71 billion revenue. For years the segment has been long seen as a trouble spot. But now, the business is showing steady progress following a leadership reshuffle and waves of layoffs last year.Given its quarterly results, Morgan Stanley has edged out Goldman in the fixed-income division, underscoring the weakness of Goldman's performance during the first quarter. On Tuesday, Goldman disappointed investors with a YoY drop in total trading revenue, while revenue at its fixed-income division remained flat.
|Recommend: Prime News|
Gold Falls to 2-Week Lows on Recent Equities Rally
26 Apr 2017, 02:30 UTC+00
|Views today: 1385|
Samsung Posts Best Quarterly Profit Despite Note 7 Debacle
26 Apr 2017, 04:33 UTC+00
|Views today: 1368|
Wall Street Gains as Nasdaq Rises Above 6,000
26 Apr 2017, 01:07 UTC+00
|Views today: 1363|
Bitcoin Near All-Time Record Peak as SEC to Review Bitcoin ETF
26 Apr 2017, 02:00 UTC+00
|Views today: 1360|
Costco to Issue Special Dividend to Investors
26 Apr 2017, 02:14 UTC+00
|Views today: 1360|