Home Business Morgan Stanley reports 87% jump in profit in Q3 2014

Morgan Stanley reports 87% jump in profit in Q3 2014

0

Morgan Stanley has reported an 87% jump in profits to $1.65 billion in Q3 2014.

Trading of currencies, commodities and bonds was a big driver of profits, as was wealth management – advising high earners on their finances.

On October 16, rival bank Goldman Sachs reported a 50% rise in profits.

Banks’ bond trading activities have reportedly benefitted from problems at bond giant Pimco.

Morgan Stanley has reported an 87 percent jump in profits to $1.65 billion in Q3 2014

Morgan Stanley has reported an 87 percent jump in profits to $1.65 billion in Q3 2014

In September, trading superstar Bill Gross made a surprise exit from the world’s biggest bond company.

The departure of Bill Gross from Pimco reportedly prompted investors to withdraw billions of dollars from the company, money which has found its way to other trading businesses.

Morgan Stanley’s total revenue for the quarter rose 12% to $8.91 billion.

Bond trading revenues were up 19.4% to $997 million. Wealth management revenue rose 9% to $3.79 billion.

“We are well positioned to create superior returns for our shareholders, particularly as the US economy continues to strengthen,” Morgan Stanley’s chief executive and chairman James P. Gorman said in a statement.