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Morgan Stanley (MS) reported large gains in its most recent financial results announcement for the third quarter. The firm’s bond trading tumbled from $1.5B a year ago to $835M this quarter while its wealth management business more than doubled its profit to $668M. Compared to a year ago loss of $1B, Morgan Stanley reported income from continuing operations at $888M, or $0.44 earnings per share. Revenue jumped nearly 50% from $5.3B last year to $7.9B. Similar to its Goldman Sachs competitor, Morgan Stanley contained its compensation costs to the same levels as last year, helping offset its slow bond trading. Simply by keeping costs the same, the percentage of revenue spent on pay and benefits dropped from 52% this quarter last year to 49% this quarter.