Morgan Stanley recorded a net income of $3.27 billion or $1.81 per share in the quarter ended December 31, according to the company’s press release. The earnings beat analysts’ estimate of $1.27 per share and above $2.09 billion or $1.30 per share, a year earlier.
- High trading volumes during the quarter, stemming from the U.S. elections and the release of coronavirus vaccines, boosted Morgan Stanley’s trading unit.
- Revenue from the institutional securities business, its largest source of income, rose to $7 billion from $5.05 billion last year.
- Morgan Stanley’s revenue from sales and trading rose to $4.22 billion from $3.19 billion.
- Net revenue rose to $13.64 billion, from $10.86 billion last year, while revenue from the investment banking division increased to $2.30 billion from $1.58 billion.
- CEO James Gorman has been taking steps to insulate the bank from reliance on trading and engineered two large back-to-back acquisitions to bolster investment management and broking arms.
Morgan Stanley stock is currently gaining. MS: NYSE is up 1.97% on premarket.
