Morgan Stanley's share trading division had a strong quarter
Morgan Stanley has become the latest US bank to reports a surge in profits.
It reported net income of $980m (£644m) for the second quarter of the year, up 66% on the same period last year.
Like rival Citigroup, the bank's share trading division had a very strong quarter, with revenue up 58% from a year earlier to $1.81bn.
Total revenue for the quarter rose to $8.3bn up 4% on 2012. The bank spent 48% of that on staff compensation and benefits, down from 52% last year.
"This quarter, we saw significant year-over-year revenue growth in each of our five major business units and higher year-over-year profitability. Of particular note, equity sales and trading results were strong across all products and regions," said chief executive James Gorman in a statement.
The main US banks have all been reporting large increases in second quarter profits. Last week, JP Morgan reported a 31% rise in profits, and this week Citigroup, Goldman Sachs and Bank of America have all posted hefty porofit increases.
US banks have benefited from a recovery in the US economy and continued efforts by the US Federal Reserve to boost growth and employment.
Source: BBC News - Business http://www.bbc.co.uk/news/business-23357959#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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