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| Version 3 | Version 4 |
|---|---|
| Morgan Stanley's profits jump but Goldman Sachs's fall | Morgan Stanley's profits jump but Goldman Sachs's fall |
| (35 minutes later) | |
| US banking giants Goldman Sachs and Morgan Stanley have reported contrasting results for the first quarter of the year. | US banking giants Goldman Sachs and Morgan Stanley have reported contrasting results for the first quarter of the year. |
| Goldman Sachs' net earnings fell to $2.03bn from $2.26bn after a drop in revenues from its bonds, currency and trading business. | Goldman Sachs' net earnings fell to $2.03bn from $2.26bn after a drop in revenues from its bonds, currency and trading business. |
| However, Morgan Stanley's profit rose to $1.45bn, compared with $981m a year ago. | However, Morgan Stanley's profit rose to $1.45bn, compared with $981m a year ago. |
| Revenues rose in all of its three business segments. | Revenues rose in all of its three business segments. |
| 'Generally pleased' | 'Generally pleased' |
| Goldman Sachs makes most of its money from trading and investing in capital markets. | Goldman Sachs makes most of its money from trading and investing in capital markets. |
| In the first quarter, its revenue from fixed income, currency and commodities trading fell 11% to $2.85bn compared with a year earlier. | In the first quarter, its revenue from fixed income, currency and commodities trading fell 11% to $2.85bn compared with a year earlier. |
| "We are generally pleased with our performance for the quarter, given the operating environment," said the bank's chief executive, Lloyd Blankfein. | "We are generally pleased with our performance for the quarter, given the operating environment," said the bank's chief executive, Lloyd Blankfein. |
| "Market sentiment shifted throughout the quarter, constraining client activity in various parts of our franchise," he said. | "Market sentiment shifted throughout the quarter, constraining client activity in various parts of our franchise," he said. |
| Investment banking and investment management "generated solid results", he added. | Investment banking and investment management "generated solid results", he added. |
| The bank's net revenues from investment banking were $1.78bn, 13% higher than the first quarter of 2013. | The bank's net revenues from investment banking were $1.78bn, 13% higher than the first quarter of 2013. |
| Its financial advisory service saw 41% higher net revenues, of $682m. | Its financial advisory service saw 41% higher net revenues, of $682m. |
| Goldman's results follow a big drop in profits in the fourth quarter last year. | Goldman's results follow a big drop in profits in the fourth quarter last year. |
| Profits up | |
| Morgan Stanley's trading, mergers and acquisition advisory and stock sales division grew the most during the first quarter. | Morgan Stanley's trading, mergers and acquisition advisory and stock sales division grew the most during the first quarter. |
| The division, called institutional securities, earned $1.2bn, compared with $1.1bn last year, | |
| Earnings for its wealth management division were $691m, compared with $597m a year ago, and investment management income jumped to $263m from $187m. | |
| The bank's strong results come after a fourth-quarter reduction in bond trading revenue that more than halved its earnings. | The bank's strong results come after a fourth-quarter reduction in bond trading revenue that more than halved its earnings. |