The multinational investment firm’s revenues fell 8.2 percent to $8.9 billion from $9.7 billion during the same quarter a year ago. The stock has dropped 10 percent this year, trailing the 1.1 percent decline for the 92-company S&P 500 financials index.
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Total revenue fell 14% to $8.9 billion.
Morgan Stanley was forced to deny that it had begun moving 2,000 investment banking employees out of London in the immediate aftermath of the Brexit vote after the BBC reported that the firm started the relocation process.
Image: Morgan Stanley’s office on Times Square, Midtown Manhattan, New York City. “Maybe… we are closing in on a sustainable and predictable level”.
As most of the big banks have released their financial results for the second quarter of fiscal year 2016 (2QFY16), Bidness Etc is of the belief that the rest of the banking sector is expected to follow suit, with strong earnings triggered by similar catalysts.
The bank’s CEO said last month he was targeting revenue of about $1 billion per quarter from its business that trades fixed income securities, commodities and currencies. Progress “was not going to evidence itself in the days and weeks following the realignment, but we felt pretty confident in the months and years following it, it would”, he said. “On the other, we’ve seen recoveries in equity and commodities prices, so people are trying to set up for the second half of the year”. The firm recorded $3.8 billion in net revenues for its Wealth Management segment, which had a pre-tax margin of 22.5%.
Rains are now running 2 per cent above normal, and if the trend continues, it will help control the pulses price inflation setting stage for RBI to meet its 5 per cent inflation target for the March 2017. Gorman said he expects the aftermath of Brexit to unfold over five to ten years. Excluding DVA in the prior year quarter, net income applicable to the company was $1.7 billion, and $0.79 per share.
Although it exceeded expectations, Morgan Stanley is still falling short when it comes to a key measure of how well it’s using shareholder money to produce profits.
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JPMorgan Chase & Co. kicked off earnings season last week by beating estimates as fixed-income trading revenue and loan growth jumped.
