Morgan Stanley posted a record quarterly profit on Thursday that blew past analysts' expectations as another of Wall Street's big investment banks gained from huge swings in financial markets due to the coronavirus crisis.
- Morgan Stanley posted a record quarterly profit on Thursday that blew past analysts’ expectations as another of Wall Street’s big investment banks gained from huge swings in financial markets due to the coronavirus crisis.
Morgan Stanley Chief Executive Officer James Gorman, like other Wall Street executives this week, cautioned that the bank’s record-setting trading numbers would be hard to repeat in the coming quarters. Gorman said the decision to keep the bank’s consumer loan business small also helped this quarter. Credit cards and small business loans are expected to be badly hit by the COVID-19 pandemic, and rival bank Goldman Sachs had to set aside $1.6 billion for loans that could go bad.The bank’s stock was up over 3% at $52.98 by mid-morning.
Overall revenue jumped 31% to a record $13.41 billion in the quarter, clocking a rise in all its segments.
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