Morgan Stanley profit climbs on trading and dealmaking
The bank reported a quarterly profit of 5.6 billion dollars as investment banking revenue rose 36 percent. Trading desks also gained amid market volatility.
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MORGAN STANLEY reported a rise in first-quarter profit on Wednesday, buoyed by a dealmaking boost and a surge in revenue from its trading business. The Wall Street investment bank's profit rose to $5.6 billion, or $3.43 per share, for the latest three-month period, compared with $4.3 billion, or $2.60 per share, a year earlier. Total quarterly revenue increased to $20.6 billion from $17.7 billion in the previous year, while shares of the firm rose 2% in premarket trading following the announcement.
