MORGAN Stanley’s profit rose in the first quarter, lifted by a resurgence in investment banking.
The Wall Street bank on Tuesday (Apr 16) reported net income of US$3.4 billion, or US$2.02 per diluted share, in the three months ended Mar 31. That compares with US$3 billion, or US$1.70 per share, a year earlier.
Investment banking activity has rebounded from a two-year dealmaking drought as large corporates issued near-record levels of debt and equity capital markets became more active.
At rival Goldman Sachs, profit jumped 28 per cent as investment banking bounced back and trading revenue surged, it reported on Monday.
Investment banking results also improved at JPMorgan Chase and Citigroup, fuelled by debt and equity capital markets.
The quarter was Morgan Stanley’s first with Ted Pick at the helm.
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Morgan Stanley’s total revenue increased to US$15.14 billion in the first quarter, compared with US$14.5 billion, a year earlier. REUTERS
