This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/business/2015/jul/20/morgan-stanley-second-quarter-profits-fall

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Morgan Stanley’s second-quarter profits fall despite profits at core businesses Morgan Stanley’s second-quarter profits fall despite uptick at core businesses
(35 minutes later)
Morgan Stanley’s second-quarter profit fell 9% from a year earlier, the bank said Monday, despite better results at all three of its core businesses.Morgan Stanley’s second-quarter profit fell 9% from a year earlier, the bank said Monday, despite better results at all three of its core businesses.
The investment bank and asset management firm earned $1.67bn, down from $1.82bn. On a per-share basis, that amounted to 85 cents, compared with 92 cents in the same period last year, when a one-time tax benefit boosted results.The investment bank and asset management firm earned $1.67bn, down from $1.82bn. On a per-share basis, that amounted to 85 cents, compared with 92 cents in the same period last year, when a one-time tax benefit boosted results.
Total net revenue at the bank rose to $9.74bn from $8.61 bn.Total net revenue at the bank rose to $9.74bn from $8.61 bn.
Profit jumped at Morgan Stanley’s institutional securities division, which includes its investment bank, and its stock, bond and commodities trading desks. Equity sales and trading revenues totaled $2.3bn in the quarter, compared with $1.8bn a year ago, as client activity rose. Fixed income and commodities trading also did well as net revenues climbed to $1.3bn from $1bn. Morgan Stanley was the only big bank to report a jump in trading revenue.Profit jumped at Morgan Stanley’s institutional securities division, which includes its investment bank, and its stock, bond and commodities trading desks. Equity sales and trading revenues totaled $2.3bn in the quarter, compared with $1.8bn a year ago, as client activity rose. Fixed income and commodities trading also did well as net revenues climbed to $1.3bn from $1bn. Morgan Stanley was the only big bank to report a jump in trading revenue.
Its wealth management arm, which includes the old Smith Barney franchise, reported net revenues of $3.88bn versus $3.7bn a year earlier, helped by higher asset management fees.Its wealth management arm, which includes the old Smith Barney franchise, reported net revenues of $3.88bn versus $3.7bn a year earlier, helped by higher asset management fees.
Shares of Morgan Stanley rose four percent in pre-market trading.Shares of Morgan Stanley rose four percent in pre-market trading.