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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Morgan Stanley | NYSE:MS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.94 | -0.94% | 99.58 | 100.41 | 99.4507 | 100.15 | 4,339,282 | 00:45:52 |
By Liz Hoffman
Morgan Stanley said its second-quarter profit rose to $1.76 billion as the Wall Street firm wrapped up the earnings season for large U.S. banks.
The New York investment bank reported earnings of 87 cents a share. Analysts had expected 76 cents, up from 75 cents a year ago. Revenue of $9.5 billion was up from $8.91 billion in the second quarter of last year, and ahead of analyst expectations of $9.09 billion.
During the second quarter, a three-month stretch of calm markets that has done little to jolt Wall Street businesses, big banks including J.P. Morgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc. offset trading declines with gains in other businesses such as commercial lending or private-equity investing.
Morgan Stanley's antidote is its huge wealth-management business, which churns out steady profits even when markets snooze or climb slowly and methodically higher.
The bank's return on equity, a key measure of how profitably it invests shareholders' money, stood at 9.1% in the quarter. A 10% level is one of Mr. Gorman's key objectives.
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
July 19, 2017 07:16 ET (11:16 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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